Dissolution Of Partnership Firm — Practice Quiz
Telangana Open School (TOSS) · Class 12 · Accountancy
Try a 4-question quiz on Dissolution Of Partnership Firm for Telangana Open School (TOSS) Class 12 Accountancy: tap an answer to check it and see why.
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Quick Quiz: Dissolution Of Partnership Firm
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What does the term 'dissolution of a partnership firm' mean?
Which account is prepared to record the sale of assets and payment of liabilities during dissolution?
Which of the following is NOT transferred to the Realisation Account?
What happens to the Reserve Fund on dissolution of a firm?
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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