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At the time of dissolution, if an asset is taken over by a partner, what journal will be recorded in the books of the firm :-

Dissolution of a partnership firm may be ordered by the court on the following grounds:

(A) when a partner becomes insane.

(B) when a partner becomes permanently incapable of performing his duties as partner.

(C) when a partner acts in good faith

(D) when it is regarded just and equitable by the court.

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The dissolution of partnership may take place in any of the following ways except:

Which statement is not false, in respect of the dissolution of a partnership firm :-

At the time of dissolution of a firm, the Bank Loan was Rs. 60,000 which was paid by Bhuvan (a partner) along with one-year interest at 6 %, which journal entry will be passed in the books of the firm :-

In the case of the Dissolution of partnership firm, which accounts are opened:

(A) Realization Account

(B) Revaluation Account

(C) Partners Capital Account

(D) Bank Account

Match List-I with List-II

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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.

On dissolution of a partnership firm, the bills payable is transferred to :

After transferring liabilities like creditors and bills payables in the Realization Account, in the absence of any information regarding their payment, such liabilities are treated as:

A firm is dissolved compulsorily in the following cases:

(A) when all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract

(B) when the business of the firm becomes illegal

(C) when the business of the firm is earning a large amount of profit.

(D) when some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership

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In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:

(A) In paying to each partner proportionately what is due to him on account of capital.

(B) The residue, if any, shall be divided among the partners in their profit sharing ratio.

(C) In paying the debts of the firm to third parties.

(D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan).

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When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of __________ and the surplus, if any, may be utilised for payment of __________, in case the firm's liabilities exceed the firm's assets.

Romesh took over stock at Rs.8,100, which is 10% less then its book value. The book value of the stock was .........

Unrecorded assets when taken over by a partner are shown in :

Partner's current accounts are transferred to respective Partners' _____________________.

Section 49, of the Indian Partnership Act 1932, deals with

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The order to be followed in preparation of realization account is.

(A) Realization of the assets.

(B) Transfer assets and liabilities to realization account.

(C) Ascertainment of profit or loss on realization.

(D) Payment of liabilities.

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Unrecorded Debtors, are realised at the time of dissolution of a Partnership Firm, will be shown in:

When realisation expenses are paid by the Partner on behalf of a Firm, which account will be credited:

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.

(C) by the death of a partner

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

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

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Anubha looked after the dissolution work for remuneration of Rs. 8,500 and agreed to bear dissolution expenses upto Rs. 6,000. Actual expenses paid by her were Rs. 7,600. What will be the journal entry for remuneration payable to Anubha?

(A) Realisation A/c is debited by 8,500

(B) Anubha's Capital A/c is credited by 8,500.

(C) Realisation A/c is debited by13,600.

(D) Anubha's Capital is credited by13,600.

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

Unrecorded liabilities when paid are shown in:

Dissolution of a firm cannot take place in which of the situation-

The Court may order a partnership firm to be dissolved in which of the following case?

In the case of dissolution of a partnership firm, the accumulated profits and reserves are transferred to :