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Dissolution of firm

Authored by Soja.CP Taliparamba

Other

12th Grade

Used 2+ times

Dissolution of firm
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 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

30 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

30 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

30 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

30 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.

6.

MULTIPLE CHOICE QUESTION

30 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

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Nisha paid Realiastion Expenses of Rs.10,000 out of her private funds, who was to get a remuneration of Rs.8,000 for completing dissolution process and was responsible to bear all the realisation expenses. Choose the correct option:

Nisha's Capital Account will be Debited by Rs.18,000.

Nisha's Capital Account will be Credited by Rs.18,000.

Nisha's Capital Account will be Debited by Rs.8,000.

Nisha's Capital Account will be Credited by Rs.8,000.

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