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Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Commerce MCQ


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4 Questions MCQ Test - Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions

Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions for Commerce 2024 is part of Commerce preparation. The Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions below.
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Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 1
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Realisation account is prepared in the dissolution of the firm.

Reason (R): Dissolution of partnership involves the partners selling the assets and settling the liabilities. Thus, various amounts are recovered or paid to partners.

Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 1
In dissolution of the partnership firm, a realisation account is prepared as the liabilities are to be settled as against the assets of the firm and to find the surplus that the partners get or the deficit they need to bring in order for the process of dissolution.
Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 2
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Partner ’s loan account is prepared before partners’ capital accounts.

Reason (R): At the time of dissolution, capitals are paid off, only if any balance is left after payment of the partner ’s loan.

Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 2
Capital is the investment done by the partner’s themselves and thus at the time of dissolution of the partner the firm pays off the capital to the partners only after the settlement of the other liabilities including the loan given by any partner in proportion to their capital.
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Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 3
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Dissolution of partnership is different from the dissolution of the Partnership firm.

Reason (R): Dissolution of partnership doesn’t dissolve the firm but the firm is dissolved in the partnership firm.

Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 3
Dissolution of partnership means reconstitution of the firm due to change in the profit sharing ratio among existing partners, admission of a new partner, retirement of a partner, death of a partner, insolvency of a partner and the firm continues as before. However, the dissolution of partnership does not lead to the dissolution of the firm.
Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 4
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Directions : In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:

Assertion (A): Rajiv and Vinod, who share the profit and losses in the ratio 2:3, are dissolving the firm. There is a general reserve in the balance of Rs.60,000 in the balance sheet. The accountant transferred Rs.24,000 in Rajiv’s Capital and Rs.36,000 in Vinod’s Capital Accounts.

Reason (R): The undistributed profits and losses and reserves are always transferred to partners’ capital accounts in their profit sharing ratio and not to the realisation account.
Detailed Solution for Test: Dissolution of a Partnership Firm- Assertion & Reason Type Questions - Question 4
These undistributed profits belong to old partners. Therefore, these undistributed profits are transferred to the old partners' account in their old profit sharing ratio before the admission of a new partner. After these adjustments, the general reserve or undistributed losses do not appear in the Balance Sheet.
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