Dissolution of a Partnership Firm MCQs September 5, 2022 IndianFestivals Uncategorized 0 /10 2 Dissolution of a Partnership Firm MCQs 1 / 10 1. Unrecorded liability, when paid on dissolution of a firm is debited to : A) Partner’s Capital A/c B) Realisation A/c C) Asset A/c D) Liabilities A/c 2 / 10 2. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? A) After making the payment to third party for their loans as well as partners loans B) Before making the payment of partners in respect of their loans C) After making the payment of partners in respect of their loans D) After making the payment to third party’s loans 3 / 10 3. On dissolution of a firm, realisation account is debited with A) Cash received on sale of assets B) All outside liabilities of the firm C) Any asset taken over by one of the partners D) All assets to be realised 4 / 10 4. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners A) In capital ratio B) Equally C) Gaining Ratio D) In Profit sharing ratio 5 / 10 5. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all A) Partner’s additional capital B) Outside Creditors C) Partner’s Capital D) Partner’s Loan to Firm 6 / 10 6. At the time of dissolution of firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised on sale of assets : A) After making the payment of loans given by third party B) After making the payment of balance of Capital Accounts of partners C) Before the payment of loans given by third party D) After making the payment of Outside Liabilities but before payment of Capital 7 / 10 7. Court can make an order to dissolve the firm when : A) Some partner has become unsound mind B) Continued future profits are expected C) Firm is running legal business D) Partnership deed is fully followed 8 / 10 8. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to A) Bank Account B) Sundry Debtors Account C) Partners Capital Accounts D) Realisation Account 9 / 10 9. In which condition a partnership firm is deemed to be dissolved? A) On expiry of the period of partnership B) On retirement of a partner C) On a partner’s admission D) On loss in partnership 10 / 10 10. On firm’s dissolution, which one of the following account should be prepared at the last? A) Partner’s Loan Account B) Partner’s Capital Accounts C) Realisation Account D) Cash Account Your score is LinkedIn Facebook Twitter VKontakte Related
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