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WorksheetsDissolution
Total questions: 10
Worksheet time: 5mins
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
