Partnership

Dissolution

Medium

Mukund's Loan of Rs. 50,000 to the firm, was settled at Rs. 55,000 at the time of firm's dissolution, where Mukund was one of the partner. What entry will be passed ?

Mukund Loan A/c Dr 50,000

Mukund Capital A/c Dr 5,000

To Cash A/c 55,000

Mukund Loan A/c Dr 50,000

Realisation A/c Dr 5,000

To Cash A/c 55,000

Mukund Loan A/c Dr 55,000

To Cash A/c 55,000

Cash A/c Dr 55,000

To Mukund Loan A/c 50,000

To Realisation A/c 5,000

✅ Correct Option: 2

Partner's loan is paid through Mukund Loan A/c. The excess payment of 5,000 above the loan amount is a loss, debited to Realisation A/c.

Entry: Mukund Loan A/c Dr 50,000; Realisation A/c Dr 5,000; To Cash A/c 55,000.

2022: 20 Aug Shift 2

Which among the following are the modes of dissolution?

A. Dissolution by Nature

B. Compulsory Dissolution

C. Dissolution by Agreement

D. Dissolution by Notice

Choose the correct answer from the options given below:

2025: 24 May Shift 1

All assets except cash/bank and fictitious assets are transferred to the Debit side of the ______Account.

2025: 2 June Shift 2

On the happening of certain contingencies, Subject to contract between the partners, a firm is dissolved ,

(A) if constituted for a fixed term, by the expiry of that term.

(B) if constituted to carry out one or more ventures, by the completion thereof.

(D) by the adjudication of a partner as an insolvent

Choose the correct answer from the options given below:

2025: 2 June Shift 2

On dissolution of a firm, the amount of loan taken from partner by firm will be transferred to

2025: 30 May Shift 1

Unrecorded liabilities when paid are shown in:

2025: 4 June Shift 2

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital:

(A) Out of Profits

(B) Out of capital of Partners

(D) Creditors Assets

Choose the correct answer from the options given below:

Solution