WorksheetsAccounting: Dissolution
Total questions: 10
Worksheet time: 2hrs 16mins
All the assets of the firm are _____ and all outsiders' liabilities and partner's loans and partner's capital are _____ at the time of dissolution of the firm.
Disposed off, paid
paid, disposed off
Acquired, paid
Disposed off, acquired
Dissolution means stopping the activities of the partnership businesses.
True
False
At the time of dissolution of partnership an unrecorded asset taken by X, a partner is debited to:
Realisation Account
X's Capital Account
Cash Account
Revaluation Account
On dissolution of the firm amount received from sale of unrecorded asset is credited to -
Partners' Capital A/c
Profit & Loss A/c
Cash A/c
Realisation A/c
On dissolution of a firm in which ratio profit and loss on realisation is distributed among the partners-
Capital ratio
profit sharing ratio
equally
in the ratio of amount due to each partner.
On dissolution of a firm Goodwill appearing in the balance sheet is transferred to -
Capital account of partners
Cash account
Debit side of realisation account
Credit side of realisation account.
When Abu have a debit balance in his capital account and does not bring in cash to cover it, Hasif will receive the total capital for his original amount in his capital account
True
False
Partners Loan Account is :-
Personal Account
Real Account
Nominal Account
Which is the reason for dissolution of partnership
Bankruptcy of partner
Partner's dissolve for personal reason
Change in profit sharing ration
Expiration of partnership term
In case of insanity of a partner the partnership can be dissolved
True
False
