Competency Based Question Dissolution of Partnership Firm Class 12
Competency Based Question Dissolution of Partnership Firm Class 12 with answers for CUET, CBSE, ISC and State Boards.
Which of the following statement is INCORRECT in the context of the dissolution of a partnership firm?
(a) The realisable assets and third-party liabilities to be settled, are closed and transferred to the realisation account.
(b) The loan given by the partner to the firm is cloased and transferred to the partner’s Capital account.
(c) The free reserves and accumulated losses are directly recorded in partners’ capital account.
(d) Any asset against which a provision is created is transferred at the gross value to the realization account.
Ans – (b)
Amit, Ronald and Charan dissolved their partnership firm. Dissolution expenses were ₹ 10,000; out of the said expenses, ₹ 4,000 were to be borne by Ronald and the balance was to be paid by the firm. ₹ 8,000 was paid by Ronald and the balance by the firm.
What is the entry to record the above transaction?
(a) Debit Realisation A/c ₹ 10,000; Credit Bank A/c ₹ 2,000; Credit Ronald A/c ₹ 8,000.
(b) Debit Realisation A/c ₹ 6,000; Debit Bank A/c ₹ 2,000; Credit Ronald A/c ₹ 8,000.
(c) Debit Realisation A/c ₹ 6,000; Credit Bank A/c ₹ 2,000; Credit Ronald A/c ₹ 4,000
(d) Debit Realisation A/c ₹ 10,000; Credit Bank A/c ₹ 6,000; Credit Ronald A/c ₹ 4,000
Ans – (c)
Read the following statements and choose the correct option from the following:
Statement I: Only those assets which can be converted into Cash are transferred to Realisation Account.
Statement II: If a provision against any asset exists, then such provision is transferred to the credit side of Realisation Account.
(a) Both Statements are correct.
(b) Both Statements are incorrect.
(c) Statement I is correct and Statement II is incorrect
(d) Statement II is correct and Statement I is incorrect
Ans – (a)
In the process of dissolution of the firm, __ (Furniture/Goodwill) will be shown as realised at book value, if there is no information regarding the realised value of that asset.
Ans – Furniture
