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Dissolution

Total questions: 10

Worksheet time: 5mins

Name
Class
Date
1.

Partners Loan Account is :-

a)

Personal Account

b)

Real Account

c)

Nominal Account

2.

6. Liabilities to third parties in case of dissolution of partnership firm do not include : -

a)

Reserves

b)

Credit Balance of P&L Account

c)

Partners loan

d)

All of the Above.

3.

When Realisation expenses are borne& paid by the same partner :-

a)

(a) No entry will be passed

b)

(b) Realisation Account will be debited ,CashAccount will be credited

c)

(c) None of above

4.

Partners loan Account is not transferred to :-

a)

Bank Account

b)

Realisation Account

c)

(c) Partners loan Account

5.

Dissolution of the Partnership does not include :-

a)

Admission of a partner

b)

Death of a partner

c)

Change in Profit-Sharing Ratio

d)

Dissolution of firm

6.

Liability which is not shown in balance sheet but paid at the time of dissolution :-

a)

Outstanding Expenses

b)

Bills payable

c)

Unrecorded liability

7.

Accumulated Profit /Loss are transferred to Partner’s Capital Account in case of dissolution in their

a)

New Ratio

b)

Gaining Ratio

c)

Profit Sharing Ratio

d)

(d) None of the above

8.

Change in existing agreement between Partners is called :-

a)

Dissolution of Partnership

b)

Dissolution of Partnership Firm

c)

Admission of a Partner

d)

Death of a Partner

9.

On dissolution advertisement suspense appearing in balance sheet is shown in :-

a)

RealisationAccount

b)

Partner’s Capital Account

c)

Bank Account

d)

(d) Revaluation Account

10.

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. :-

a)

Rs. 7,500

b)

Rs. 14,500

c)

Rs. 7,000

d)

Rs. 7,300