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