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CUET Accountancy 2023 PYQs28 May Shift 1. Free, no login required.

Partnership

past year questions, CUET Accountancy 2023 28 May Shift 1

Dissolution

past year questions, Partnership, CUET Accountancy 2023 28 May Shift 1

Easy

On dissolution of partnership, goodwill account is transferred to :

Solution

✅ Correct Option: 1

On dissolution, all assets including goodwill are transferred to the debit side of the Realisation Account at their book value, as the Realisation Account records the book value of assets being realised.

Related questions:

2025: 2 June Shift 2

An unrecorded asset is taken over by a creditor in full settlement in such a case

2026: 13 May Shift 1

In case of dissolution of a firm, if a partner has agreed to bear the realisation expenses and payment is made by the firm, the correct journal entry would be:

2025: 29 May Shift 2

Match List-I with List-II

List-IList-II
(A). Payment of loans due to partners(i). Realisation A/c Dr To Bank A/c
(B). For settlement of partners' accounts, in case their capital account shows a debit balance.(ii). Bank A/c Dr. To loan to partners A/c
(C). For settlement of loan by a firm to a partner:(iii) Bank A/c Dr. To Partner's Capital A/c
(D). For settlement of any unrecorded liability(iv) Partner's Loan A/c Dr. To Bank A/c

Choose the correct answer from the options given below:

2022: 15 July Shift 2

Identify the item credited to Realisation Account in the event of dissolution of a partnership firm.

2025: 3 June Shift 1

According to section _________ of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

2022: 20 July Shift 1

On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order.

(a) Distributing the amount left among the partners in their profit sharing ratio

(b) Paying amount due to partner on account of loan advanced by him

(c) Paying amount due to the creditors

(d) Paying partners' capital account balances

Choose the correct answer from the options given below :

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CUET Accountancy Past Year Questions (Topic-Wise)