Dissolution Of Partnership Firm
Telangana Open School (TOSS) · Class 12 · Accountancy
Most important questions from Dissolution Of Partnership Firm for Telangana Open School (TOSS) Class 12 Accountancy board exam 2026. MCQs, short answer, and long answer questions with marks.
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Sample Questions
When a partner takes over an asset, how is it recorded?
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Debit Partner's Capital Account, Credit Realisation Account
When a partner takes over an asset, their capital account is debited and Realisation Account is credited at agreed value.
Which of the following is a reason for compulsory dissolution of a firm?
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All partners become insolvent
If all partners become insolvent, the firm is compulsorily dissolved as no one can manage the business.
Where is the provision for doubtful debts transferred on dissolution?
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To Realisation Account (credited)
Provisions like Provision for Doubtful Debts are closed by crediting the Realisation Account.
What is the correct journal entry when realisation expenses are paid by the firm?
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Realisation A/c Dr, To Bank A/c
Realisation expenses paid by the firm are debited to Realisation Account and credited to Bank Account.
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