Dissolution of Partnership Test

Result

Dissolution of Partnership Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

Deferred Revenue expenditure given in B/S will be:

A
Debit to Partners’ capital/current A/c

B
Credit to partners’ capital A/c

C
Debit to Realisation A/c

D
Credit to Realisation A/c

Solution

All accumulated profits and losses and fictitious assets (if any) given in the balance sheet, will be debited to the old partners in their old profit sharing ratio at the time of dissolution of partnership firm.
Question 2
1 / -0

Goodwill given in the Balance Sheet will be shown in:

A
Credit side of Partners capital A/c

B
Debit side of Realisation A/c

C
Will not be shown in any account

D
Debit side of Partners capital A/c

Solution

Goodwill existing in the balance sheet of the firm will be transferred to the realization account debit side and realized value (if any) will be shown in the credit side of realization account. If realized value of goodwill is not given, it should be taken as nil.
Question 3
1 / -0

After which account it is assumed that dissolution of firm stand closed?

A
Cash A/c

B
Memorandum Balance Sheet

C
Partners Capital A/c

D
Realisation A/c

Solution

At the time of dissolution of partnership firm, all accounts will be closed and at the end cash or bank account is prepared. Both sides of cash account will be equal automatically without adding any balancing figure at the end.
Question 4
1 / -0

Unrecorded Asset taken over by the partner will not be shown in:

A
Both B and Realisation A/c

B
Cash A/c

C
Realisation A/c

D
Partners Capital A/c

Solution

the partner. If unrecorded asset is taken over by a partner, it will take place in realization account as well as in concerned partner’s capital account but not in cash account.