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CBSE Class 12 (Commerce) Accounting for Partnership Firms: Dissolution of a Partnership Firm — practice questions
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Practice CBSE Class 12 (Commerce) Accounting for Partnership Firms: Dissolution of a Partnership Firm in the app →Which section of the Partnership Act 1932 defines dissolution of a firm?Which event dissolves the partnership but not necessarily the firm?After a firm is dissolved, which activity may still be carried on?After a partner retires, the firm goes on. What is dissolved?A firm dissolved with the consent of all its partners is dissolved by which mode?In which situation is a firm compulsorily dissolved?The business of a firm is made illegal by law. The firm is dissolved by:Dissolution by notice in writing applies to which kind of partnership?A firm formed to carry out one venture dissolves on:A firm constituted for a fixed term is dissolved, subject to contract, by:On which ground may a court dissolve a firm at a partner's suit?A partner transfers the whole of his interest to an outsider. The court may order:Why does the court not intervene in a dissolution of partnership?On dissolution of partnership, assets and liabilities are:Which feature belongs only to dissolution of a firm?Which statement about dissolution is correct?Which section of the Partnership Act 1932 gives the rules for settlement of accounts?On dissolution, losses including capital deficiency are first met out of:If profits cannot cover the losses, the next source is:If profits and capital fall short, remaining losses are borne by partners:Which payment ranks first when the firm's assets are applied?After outside debts, the next claim paid from the firm's assets is:Which claim is settled just after partners' loans?Any residue after paying all claims is divided among partners in:If the funds cannot fully repay partners' loans, they are paid:Under Section 49, the firm's property is first used to pay:A partner's private property is applied first to pay his:Which section deals with private debts and firm's debts?What is a partner's net private asset?The principle on which solvent partners bear an insolvent partner's capital loss is from:What is the purpose of a Realisation Account?Which asset is not transferred to the Realisation Account?How is a partner's loan paid off on dissolution of the firm?An unrecorded asset taken by a partner is shown on:Accumulated profits and reserves on dissolution are transferred to:Partners' capital accounts are finally closed through:With no information on payment of creditors, they are treated as:How are debtors and their provision shown in Realisation Account?A creditor owed Rs.10,000 takes Rs.8,000 equipment, rest in cash. Bank credit?A partner pays realisation expenses. The firm credits:A partner agreed to bear realisation expenses and paid them himself. The entry is:A partner agreed to bear expenses but the firm paid them. Debit:Entry for a partner's remuneration for dissolution work:A previously unrecorded asset is sold for cash. The entry is:A partner's capital shows a debit balance. He will:The total finally paid to partners must equal:A loss on realisation is recorded by:A loan given by the firm to a partner is repaid. The entry is:Debtors of Rs.21,500 are realised at a 5% discount. How much is received?Supriya and Monika share profit 3:2. Realisation profit is Rs.2,925. Supriya gets:Supriya and Monika share 3:2. A reserve of Rs.13,500 is distributed. Monika gets:Monika (capital Rs.11,500, ratio 3:2) gets 2/5 of Rs.2,925 profit and of Rs.13,500 reserve. What is paid to heSita, Rita and Meeta share 2:2:1. A realisation profit of Rs.5,000 gives Meeta:Creditors of Rs.20,000 are paid 2% less. How much is paid to them?