CUET Accountancy: PartnershipDissolution. Free, no login required.

In case of dissolution of a partnership firm, losses, including deficiencies of capital, shall be paid first out of ...............

Match List-I with List-II

Choose the correct answer from the options given below:

Match List-I with List-II

Choose the correct answer from the options given below:

Which Journal Entry will be recorded for realization of unrecorded asset at the time of dissolution of a Partnership Firm.

In the case of dissolution of a partnership firm, unrecorded liabilities when paid are shown in:

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

Identify the steps involved in the accounting treatment in the case of dissolution of firm:

(A) Capital accounts of partners are prepared and their final settlement is done.

(B) The balance of realisation account (profit or loss on realization) is transferred to partners' capital accounts in the profit sharing ratio.

(C) All assets and all external liabilities are transferred to realisation account.

(D) Realisation account is prepared.

(E) Bank account is prepared.

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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. In this case,

(A) Realisation A/c is debited by Rs. 10,100

(B) Anubha's Capital A/c is credited by Rs. 9,600.

(C) Realisation A/c is debited by Rs. 13,600.

(D) Anubha's Capital is credited by Rs. 10100.

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In which of the following ways does dissolution of a firm take place?

(A) Dissolution by agreement

(B) Compulsory dissolution

(C) On the happening of certain contingencies

(D) Dissolution by notice

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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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At the time of dissolution of a Firm, the Loan from a Partner Account should be

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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Under which condition, dissolution of a Partnership Firm by Court may take place :-

Unrecorded Liabilities when paid are shown in:

Dissolution by Court happens:

Partner's current accounts are transferred to respective________ partner's accounts.

On dissolution of a firm, bank overdraft is transferred to:

Match List-I with List-II

Choose the correct answer from the options given below:

1. (A) - (IV), (B) - (I), (C) - (III), (D) - (II)
2. (A) - (II), (B) - (I), (C) - (IV), (D) - (III)
3. (A) - (IV), (B) - (II), (C) - (I), (D) - (III)
4. (A) - (III), (B) - (IV), (C) - (I), (D) - (II)

In the case of a dissolution of a firm, accumulated losses are transferred to:

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

Arrange the following in correct sequence in the case of dissolution of a partnership.

(A) Preparing a Bank account

(B) Realizing assets and payments of liabilities.

(C) Transferring of assets and liabilities in realization account.

(D) Preparation of capital account of partners.

Choose the correct answer from the options given below:

1. (A), (C), (B), (D)
2. (B), (C), (D), (A)
3. (B), (A), (D), (C)
4. (C), (B), (D), (A)

Choose combination of statements that are true about dissolution-

(A) Dissolution of partnership can not take place without intervention of the court.

(B) Court can order a firm to be dissolved when a partner becomes insane.

(C) A firm is compulsorily dissolved when a partner decide to retire.

(D) A partnership is dissolved when there is a death of a partner.

Choose the correct answer from the options given below:

1. (B) and (D) only
2. (A), (B) and (D) only
3. (A) and (D) only
4. (B), (C) and (D) only

In which of the following situation compulsory dissolution of partnership can be done?

Partners' current accounts are transferred to respective Partners' ______ Accounts.

When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into ............... and into ............... respectively:-

Arrange the following in correct sequence for application of assets in the Settlement of Accounts in Case Of Dissolution of a Partnership firm -

(A) The balance should be applied to repay loans made by the partners to the firm.

(B) The assets of the firm should be used in paying the debts of the firm to third parties.

(C) The balance assets may be used for paying partners proportionately, on account of capital.

(D) The asset's residue, if any, shall be divided among the partners in their profit sharing ratio.

Choose the correct answer from the options given below:

Realisation account doesn't show-

Which of the following statements are true:

(A) Dissolution of a partnership is different from dissolution of a firm.

(B) A partnership is dissolved when there is a death of a partner.

(C) A firm is dissolved when all partners give consent to it.

(D) A firm is compulsorily dissolved when a partner decide to retire.

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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

(C) By partners individually in their profit sharing ratio

(D) Creditors Assets

Choose the correct answer from the options given below:

In the case of dissolution of firm, accumulated losses are transferred to: