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CUET Accountancy 2022 PYQs30 Aug Shift 2. Free, no login required.

Partnership

past year questions, CUET Accountancy 2022 30 Aug Shift 2

Dissolution

past year questions, Partnership, CUET Accountancy 2022 30 Aug Shift 2

Medium

Case study

A and B were partners in a partnership firm. Due to the ill health of B they decided to dissolve the firm. The position of Assets and Liabilities on the date of dissolution was:

Balance Sheet

LiabilitiesRs.AssetsRs.
Loan by B20,000Goodwill30,000
CapitalsFurniture40,000
A. 1,00,000Building90,000
B. 1,40,0002,40,000Debtors50,000
Cash50,000
2,60,0002,60,000

It was agreed that following transactions will take place :

A. A wanted to start the business in sole proprietorship So he took Building and Furniture at 10% less than book value.

B. All the debtors proved good except a person C who did not pay Rs. 10,000.

Following items appear on the Debit side of Realisation A/C except :

A. Transfer of Assets

B. Payment of liabilities

C. Provisions

D. Realisation expenses

E. Asset taken over by partner

Choose the correct answer from the options given below:

Solution

✅ Correct Option: 4

On the debit side of Realisation A/c: Transfer of Assets (A), Payment of Liabilities (B), and Realisation Expenses (D). Provisions (C) appear on credit side (being liabilities side items transferred). Asset taken over by partner (E) also appears on the credit side.

More from this set:

Question 41

Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.

Question 42

The amount recovered from the debtors is:

Question 44

The treatment of Goodwill appearing in the balance sheet will be:

Question 45

The accumulated profits and reserve are transferred to:

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CUET Accountancy Past Year Questions (Topic-Wise)