Dissolution of Partnership Firm
Commerce ⇒ Accountancy
Dissolution of Partnership Firm starts at 12 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Dissolution of Partnership Firm.
How you perform is determined by your score and the time you take.
When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 12
A firm has assets of ₹1,00,000 and liabilities of ₹60,000. On dissolution, assets realize ₹80,000. What is the loss on realization?
A firm has creditors of ₹40,000 and partners' capital of ₹60,000. On dissolution, assets realize ₹70,000. How much will creditors get?
A, B, and C are partners sharing profits in the ratio 2:2:1. On dissolution, C is insolvent and his deficiency is ₹5,000. How much will A and B bear?
A, B, and C are partners. The firm is dissolved. After paying all liabilities, a balance of ₹30,000 remains. Their capital balances are A: ₹10,000, B: ₹10,000, C: ₹10,000. How much will each partner receive?
Explain the difference between dissolution by court and dissolution by agreement.
Explain the difference between dissolution of partnership and dissolution of partnership firm.
Explain the steps involved in the preparation of Realisation Account at the time of dissolution.
Explain the treatment of partner’s loan to the firm at the time of dissolution.
On dissolution, if a partner agrees to bear all realization expenses, what is the accounting treatment?
On dissolution, if a partner pays firm’s liability from his private resources, what entry is passed in the books of the firm?
On dissolution, if a partner’s capital account shows a debit balance, what does it indicate?
On dissolution, if an asset is taken over by a partner at a value higher than book value, what is the effect on Realisation Account?
On dissolution, unrecorded liabilities are debited to which account?
State any two circumstances under which a firm is compulsorily dissolved.
State any two effects of dissolution of a partnership firm.
State the meaning of 'dissolution by operation of law'.
State the order of payment of liabilities on dissolution of a partnership firm.
What is meant by the dissolution of a partnership firm?
What is the accounting treatment for unrecorded assets realized on dissolution?
What is the Garner v. Murray rule?
