Understanding Partnership Dissolution

Understanding Partnership Dissolution

12th Grade

10 Qs

quiz-placeholder

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Understanding Partnership Dissolution

Understanding Partnership Dissolution

Assessment

Quiz

Others

12th Grade

Hard

Created by

Manoj Nehra

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10 questions

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1.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Partner’s current accounts are transferred to respective ———————— Partners’ (Loan/Capital) Accounts.

2.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

Partner’s loan is —————— (transfered/not transfered) in the (Realisation Account).

3.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

When the firm has agreed to pay the partner a fixed amount for realisation work irrespective of the actual amount spent, such fixed amount is debited to_________ (Realisation/Capital) Account and Credited to__________ (Capital/Bank) Account

4.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

When creditor accepts an asset whose value is much more than the amount due to him, he will ———————— (pay/not pay) the excess amount which will be credited ———————— Account.

5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

No entry is required when a ——————— (partner/creditor) accepts a fixed asset in payment of his dues.

6.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

. If a partner takes over an asset, such (Partner’s Capital Account) is ———————— (debited/credited).

7.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

If a liability is assumed by a partner, such Partner’s Capital Account is ––––––– ——— (debited/credited).

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