Dissolution pf Partnership Firm

Dissolution pf Partnership Firm

12th Grade

10 Qs

quiz-placeholder

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Dissolution pf Partnership Firm

Dissolution pf Partnership Firm

Assessment

Quiz

Business, Other

12th Grade

Practice Problem

Hard

Created by

raima chadha

Used 43+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Unrecorded liability paid at the time of dissolution of the firm is debited to....................... Account.

Liability Account

Realisation Account

Partner's Capital Account

None of these

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Unrecorded Asset taken over by a Partner at the time of dissolution of the firm is .................... to his Capital Account.

Debited

Credited

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Goodwill at the time of Dissolution of Firm is Closed by transferring it to Partners' Capital Accounts.

True

False

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Against his loan of Rs.2,00,000, the partner takes an asset valued at Rs.1,60,000 in full settlement of his account, ..................amount will be transferred to Realisation Account.

Rs.2,00,000

Rs.40,000

Rs.1,60,000

None of these

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Workmen Compensation Reserve appears at Rs.1,00,000 in the Balance Sheet and Claim against Workmen Compensation is of Rs.1,10,000. With how much amount will Realisation Account be debited at the time of making payment of this claim?

Rs.1,00,000

Rs.1,10,000

Rs.10,000

Claim is never paid at the time of dissolution.

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A debtor of Rs.5,000, already transferred to Realisation Account agreed to pay the Realisation Expenses of Rs.4,500 in full settlement of his claim. Choose the correct option:

Realisation Account will only be debited by Rs.4,500.

No Entry will be passsed.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The firm had a Debit balance of Profit and Loss Account of Rs.15,000 at the time of Dissolution of Firm. Partner's Capital Accounts will be ................... by Rs.15,000.

Debited

Credited

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