Accountancy Dissolution of the firm

In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to

• Realisation A/c

• Partners' Capital A/c

• Sundry Debtors A/c

• None of the above

On Dissolution, when a partner takes over an unrecorded asset, ....................... is credited

• Capital A/c of the partner

• Cash A/c

• Asset A/c

• Realisation A/c

Sundry Creditors amounted to ₹ 8000. These were paid at a discount of 5%. Realisation account will be debited by

• ₹ 8000

• ₹ 7600

• ₹ 400

• ₹ 8400

On dissolution of a firm, an unrecorded furniture of the value of ₹. 5000 was taken up by a partner for ₹ 4,300. Which A/c will be credited & by how much amount?

• Cash Account by ₹ 4,300

• Realisation A/c by ₹ 700

• Partner’s Capital A/c by ₹ 5,000

• Realisation A/v by ₹ 4,300

On dissolution of a firm, debtors were ₹ 17,000. Of these ₹ 500 became bad and the rest realised 60%.Which A/c will be debited & by how much amount?

• Realisation A/c by ₹ 16,500

• Profit & Loss A/c by ₹ 500

• Cash A/c by ₹ 9,900

• Debtors Account by ₹ 7,100

How much amount will be paid to creditors for ₹ 25,000 if ₹ 5,000 of the creditors are not to be paid and the remaining creditors agreed to accept 5% less amount?

• ₹ 18,750

• ₹ 19,000

• ₹ 19,750

• ₹ 20,000

How much amount will be paid to A, if his opening capital is ₹ 2,00,000 and his share of realisation profit amounts to ₹ 10,000 and he has taken over assets valuing ₹ 25,000 from the firm?

• ₹ 2,35,000

• ₹ 1,65,000

• ₹ 2,15,000

• ₹ 1,85,000

Investments valued ₹ 2,00,000 were not shown in the books. One of the creditors took over these investments in full Satisfaction of his debt of ₹ 2,20,000. How much amount will be deducted from creditors?

• ₹ 20,000

• ₹ 2,20,000

• ₹ 4,20,000

• ₹ 2,00,000

In which condition a partnership firm is deemed to be dissolved?

• On a person’s admission

• On retirement of a partner

• On expiry of the period of partnership

• On loss in partnership

On dissolution, if a partner undertakes to make payment of a liability of the firm ………………… is debited.

• Profit & Loss Account

• Realization Account

• Partner’s Capital Account

• Cash Account