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