Dissolution of Partnership Firm
Commerce ⇒ Accountancy
Dissolution of Partnership Firm starts at 12 and continues till grade 12.
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Explain the difference between dissolution by court and dissolution by agreement.
Explain the difference between dissolution of partnership and dissolution of partnership firm.
Explain the steps involved in the preparation of Realisation Account at the time of dissolution.
Explain the treatment of partner’s loan to the firm at the time of dissolution.
A firm has assets of ₹1,00,000 and liabilities of ₹60,000. On dissolution, assets realize ₹80,000. What is the loss on realization?
A firm has creditors of ₹40,000 and partners' capital of ₹60,000. On dissolution, assets realize ₹70,000. How much will creditors get?
A, B, and C are partners sharing profits in the ratio 2:2:1. On dissolution, C is insolvent and his deficiency is ₹5,000. How much will A and B bear?
A, B, and C are partners. The firm is dissolved. After paying all liabilities, a balance of ₹30,000 remains. Their capital balances are A: ₹10,000, B: ₹10,000, C: ₹10,000. How much will each partner receive?
If a partner is insolvent, his deficiency is borne by the solvent partners in which ratio? (1) Capital ratio, (2) Profit sharing ratio, (3) Equal ratio, (4) Gaining ratio
Which account is prepared to ascertain profit or loss on dissolution of a partnership firm? (1) Profit and Loss Account, (2) Realisation Account, (3) Revaluation Account, (4) Capital Account
Which of the following is NOT a ground for dissolution by court? (1) Insanity of a partner, (2) Perpetual losses, (3) Completion of venture, (4) Misconduct of a partner
Which of the following is NOT a mode of dissolution of a partnership firm? (1) By agreement, (2) By operation of law, (3) By retirement of a partner, (4) By insolvency of a partner
Fill in the blank: On dissolution, the firm’s bank loan is treated as an ________ liability.
Fill in the blank: On dissolution, the profit or loss on realisation is shared among partners in the ________ ratio.
If a partner is insolvent, his private estate is first used to pay ________ debts.
On dissolution of a firm, the balance of the Realisation Account is transferred to ________.
Dissolution of partnership always leads to dissolution of the firm. True or False?
State whether the following is True or False: 'A firm can be dissolved by mutual agreement of all partners.'
State whether the following is True or False: 'Dissolution of partnership may or may not result in dissolution of the firm.'
State whether the following statement is True or False: 'Realisation Account is a nominal account.'
