Dissolution

Partners Loan Account is :-

• Personal Account

• Real Account

• Nominal Account

6. Liabilities to third parties in case of dissolution of partnership firm do not include : -

• Reserves

• Credit Balance of P&L Account

• Partners loan

• All of the Above.

When Realisation expenses are borne& paid by the same partner :-

• (a) No entry will be passed

• (b) Realisation Account will be debited ,CashAccount will be credited

• (c) None of above

Partners loan Account is not transferred to :-

• Bank Account

• Realisation Account

• (c) Partners loan Account

Dissolution of the Partnership does not include :-

• Admission of a partner

• Death of a partner

• Change in Profit-Sharing Ratio

• Dissolution of firm

Liability which is not shown in balance sheet but paid at the time of dissolution :-

• Outstanding Expenses

• Bills payable

• Unrecorded liability

Accumulated Profit /Loss are transferred to Partner’s Capital Account in case of dissolution in their

• New Ratio

• Gaining Ratio

• Profit Sharing Ratio

• (d) None of the above

Change in existing agreement between Partners is called :-

• Dissolution of Partnership

• Dissolution of Partnership Firm

• Admission of a Partner

• Death of a Partner

On dissolution advertisement suspense appearing in balance sheet is shown in :-

• RealisationAccount

• Partner’s Capital Account

• Bank Account

• (d) Revaluation Account

Realisation expenses of Rs. 7,000 were to be paid by the partner. The firm will be paying him a remuneration of Rs. 7,500 for the dissolution work. The Partner’s Capital Account will be credited with and Rs. :-

• Rs. 7,500

• Rs. 14,500

• Rs. 7,000

• Rs. 7,300