Q1: Match the following
Choose the correct option from below
(a) a(iii), b(ii), c(i)
(b) a(i), b(iii), c(ii)
(c) a(ii), b(iii), c(i)
(d) a(i), b(ii), c(iii)
Q2: Name the Account which is prepared for finding the profit or loss on getting amount from selling of all assets and paying amount of liabilities.
(a) Dr. side of Realisation Account
(b) Dr. side of Revaluation Account
(c) Realisation Account
(d) Cr. Side of Revaluation Account
Q3: What should be the journal entry when A takes over loan payable to Mrs. A ₹20000
(a)
(b)
(c)
(d)
Q4: Bank Loan ₹29,000 was paid at the time of dissolution. What journal entry will be recorded for the same?
(a)
(b)
(c)
(d)
Q5: As per which section of the Indian Partnership Act, 1932, at the suit of a partner, the Court may dissolve a firm?
(a) Section 04
(b) Section 44
(c) Section 48
(d) Section 31
Q6: At the time of the dissolution of the firm, how undistributed profits such as General Reserve, Credit Balance of P&L A/C are dealing with?
Q7: The firm of Ravi and Mohan was dissolved on 1.3.2013. According to the agreement Ravi had agreed to undertake the dissolution work for an agreed remuneration of Rs.2,000 and bear all realisation expenses. Dissolution expenses were Rs. 1,500 and the same were paid by the firm. Pass necessary journal entry for the payment of dissolution expenses.
Q8: When an asset is taken over by a partner, why is his capital account debited?
Q9: What is the dissolution of partnership?
Q10: Identify a situation, under which court may order for dissolution of a partnership firm.
Q11: Pass Journal entries in the following cases-
(a) Expenses of Realisation Rs. 1,500
(b) Expenses of Realisation Rs. 600, but paid by Mohan, a partner,
(c) Mohan, one of the partners of the firm, was asked to look into the dissolution of the firm for which he was allowed a commission of Rs. 2,000.
(d) Motor car of book value 50,000 taken over by creditors of the book value of Rs. 40,000 in final settlement.
Q12: A and B share profits and losses in the ration of 5:2. They have decided to dissolve the firm. Assets and external liabilities have been transferred to Realisation A/c. Pass the Journal Entries to affect the following:
Q13: The amount of sundry assets transferred to Realisation Account was Rs 80,000. 60% of them have been sold at a profit of Rs. 2,000. 20% of the remaining were sold at a discount of 30% and remaining were taken over by Ramlal (a partner) at book value. Journalise.
Q14: Rohit, Kunal and Sarthak are partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after various assets (other then Cash and Bank) and the third party liability have been transferred to Realisation Account:
Q15: Kumar, Shy am and Ratan were partners in a firm sharing profits in the ratio of 5: 3 : 2 respectively. They decided to dissolve the firm with effect from 1st April, 2013. On that date, the balance sheet of the firm was as follows Balance Sheet as at 1st April, 2013
The dissolution resulted in the following
Prepare the realisation account, capital accounts of partners and bank account of the firm.
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