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