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1.

On dissolution , the final balance of capital accounts accounts are transferred to :A. Realisation AccountB. Cash AccountC. Profit & Loss accountD. Loan Account of partners

Answer» Correct Answer - B
Discussion
2.

Change in the existing agreement between the partners is called :A. Dissolution of FirmB. Dissolution of partnershipC. Dissolution of BusinessD. All of the above

Answer» Correct Answer - B
Discussion
3.

At time of dissolution of partnership firm , the balance of profit and loss account shown in the assets side of balance sheet of the firm is transferred to :A. Realisation AccountB. Cash AccountC. Capital Accounts of partnersD. Loan Accounts of partners

Answer» Correct Answer - C
Discussion
4.

If total assets areRs, 2,00,000 total liabilities are Rs, 40,000 amount realised on sale of assets is Rs, 1,75,000 and realisation expenses are Rs, 3,000 , the profit or loss on realisation will be:A. Profit Rs,12,000B. Loss Rs,68,000C. Loss Rs,28,000D. Loss Rs,25,000

Answer» Correct Answer - C
Discussion
5.

If opening capital of partners are A Rs, 3,00,000 ,B Rs, 2,00,000 and C Rs, 1,00,000 and their drawing during the year are A Rs, 50,000 ,B Rs, 40,000 and C Rs, 30,000 and creditors are Rs, 60,000 , what will be the amount of assets of the firm ?A. Rs, 5,40,000B. Rs, 4,20,000C. Rs,4,80,000D. Rs,6,60,000

Answer» Correct Answer - A
Discussion
6.

Investments valued Rs, 2,00,000 were not shown in the books One of the creditors took over these investments in full satisfaction of his debt of Rs, 2,00,000 .How much amount will be deducted from creditors?A. Rs,20,000B. Rs,2,20,000C. Rs,4,20,000D. Rs,2,00,000

Answer» Correct Answer - B
Discussion
7.

P, a partner , is to bear all expenses of realisation for which he is to be paid Rs, 2,000 . P had to pay realisation expenses of Rs, 2,500 .How much amount will be debited to Realisation Account ?A. Rs, 500B. Rs, 2,500C. Rs,4,500D. Rs,2,000

Answer» Correct Answer - D
Discussion
8.

If total assets of a firm Are Rs, 12,00,000 and total libilities are Rs, 2,40,000 what will be the capital of P,Q Rs, 3,20,000, R if they share porfit in the ratio of their capitals and profit sharing ratio is 1:2:3:A. P Rs, 4,80,000:QRs, 3,20,000 ,R Rs, 1,60,000B. P Rs, 1,60,000,Q Rs, 3,20,000 ,R Rs, 4,80,000C. P Rs, 2,00,000 ,Q Rs, 4,00,000 ,R Rs, 6,00,000D. P Rs, 6,00,000 ,Q Rs, 4,00,000 ,R Rs, 2,00,000

Answer» Correct Answer - B
Discussion
9.

On dissolution of a firm , Debtors Rs, 17,000 were shown in the Balance sheet Out os this Rs, 2,000 become bad ,One debtor become insolvent 70% were Recoved from him out Of Rs, 5,000 full amount was recovered from the balance debtors .On account of this Item ,Loss in Realisation account will be :A. Rs, 5,100B. Rs, 1,500C. Rs,3,500D. Rs,2,000

Answer» Correct Answer - C
Discussion
10.

While transferring assets to realisation account ………………. Is omitted to be transferred :A. PatentsB. GoodwillC. CashD. Investments

Answer» Correct Answer - C
Discussion