A firm can be voluntarily dissolved by the partners :
1.On Majority basis
2.On 3/4 Member’s decision
3.On 1/2 Member’s decision
4. None of these
Posted Date:-2022-10-19 08:30:11
A, B and C are partners with profit-sharing ratio as 5 :3 :2. A retires. Find the gaining ratio :
1.3 : 2
2.5 : 3
3.5 :2
4.None of these
Posted Date:-2022-10-17 15:02:09
A, B and C are partners. Their capitals are ₹ 1,00,000, ₹ 75,000 and ₹ 50,000 respectively. On C’s retirement his share is acquired by A and B in the ratio of 6 : 4 Gaining ratio will be :
1.3 : 2
2.2 : 2
3. 2 : 3
4.None of these
Posted Date:-2022-10-17 14:59:40
Abhishek, Rajat and Vivek are partners sharing profits in the ratio of 5 : 3 : 2. If Vivek retires, the new profit sharing ratio between Abhishek and Rajat will be:
1. 3 : 2
2.5 : 3
3.5 : 2
4.None of these
Posted Date:-2022-10-17 14:56:00
After transferring liabilities like creditors and bills payable in the Realisation Account in the absence of any informations regarding their payment, such liabilities are treated as :
1. Never paid
2. Fully paid
3. Partly paid
4.None of these
Posted Date:-2022-10-17 16:39:28
Amount realised from sale of assets is recorded in :
1. Debit side of Realisation Account
2. Credit side of Realisation Account
3.Liabilities side of Balance Sheet
4. Assets side of Balance Sheet
Posted Date:-2022-10-19 08:29:36
Anand, Bahadur and Chander are partners sharing profit equally. On Chander’s retirement, his share is acquired by Anand and Bahadur in the ratio of 3: 2. The new profit-sharing ratio between Anand and Bahadur will be:
1.8 : 7
2. 4 : 5
3.3 : 2
4.2 : 3
Posted Date:-2022-10-17 14:57:02
At the dime of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
1. Realisation Account
2. Creditors’ Account
3.Partners’ Capital Accounts
4. Profit & Loss Account
Posted Date:-2022-10-17 16:19:35
At the time of dissolution of firm book value of assets is recorded in which side of the Realisation Account ?
1.Debit Side
2.Credit Side
3.All of the above
4. Liabilities Side
Posted Date:-2022-10-17 16:41:38
At the time of dissolution of partnership firm, fictitions assets are transferred to :
1.Capital Accounts of Partners
2.Realisation Account
3.Cash Account
4.Partners’ Loan Account
Posted Date:-2022-10-17 16:20:45
At the time of retirement of partner, firm gets from the insurance company against joint policy taken jointly for all the partners :
1.Policy Amount + Bonus
2. Surrender Value
3.Policy Amount
4. None of these
Posted Date:-2022-10-17 15:00:17
Cash balance shown in the Balance Sheet is shown on dissolution of firm in :
1.Realisation Account
2. Cash Account
3. Capital Account
4. None of the Account
Posted Date:-2022-10-17 16:36:00
Expenses on dissolution of firm is called :
1.Realisation Expenses
2.Legal Expenses
3. Loss Expenses
4. None of these
Posted Date:-2022-10-19 08:28:37
Goodwill is paid out of the retiring partner in :
1.Old Profit-sharing Ratio
2.Capital Ratio
3.Equal Ratio
4.None of these
Posted Date:-2022-10-17 16:15:50
Govind, Hari and Pratap are partners. On retirement of Govind, the goodwill already appears in the Balance Sheet at ₹ 24,000. The goodwill will be written off:
1. By debiting all Partners’ Capital Accounts in their old profit-sharing ratio
2.By debiting remaining Partners’ Capital Accounts in their new profit-sharing ratio
3.By debiting retiring Partner’s Capital Account from his share of goodwill
4.None of these
Posted Date:-2022-10-17 16:15:04
Heri, Roy and Prasad are partners and profit-sharing ratio is 3: 5:1. Roy now wants to retire and his share is taken by Prasad. Find the new ratio of Hari and Prasad:
1. 1 : 2
2. 2 : 1
3. 3 : 5
4.Equal
Posted Date:-2022-10-17 15:01:42
In the event of dissolution of partnership firm, the provision for doubtful debts is transferred to :
1.Realisation Account
2. Partners’ Capital Accounts
3.Sundry Debtors Account
4. None of the above
Posted Date:-2022-10-17 16:18:10
On disolution of firm, loss calculated in realisation account is debited/credited to which account ?
1.Cash Account
2. Partners’ Capital Accounts
3.Realisation Account
4.None of these
Posted Date:-2022-10-17 16:33:53
On dissolution of a firm Partner’s Loan A/c is transferred to:
1.Realisation A/c
2. Partners’ Capital A/cs
3. Suspense A/c
4.None of these
Posted Date:-2022-10-17 16:41:09
On dissolution of a firm, a partner paid 1,500 Rs. for firm’s realisation expenses. Which account will be debited ?
1. Cash Account
2.Realisation Account
3. Capital Account of the Partner
4. Profit & Loss A/c
Posted Date:-2022-10-17 16:31:10
On dissolution of a firm, amount realised from an unrecorded asset is credited to:
1.partners’ Capital Accounts
2.Cash Account
3.Realisation Account
4.Revaluation Account
Posted Date:-2022-10-19 08:30:42
On dissolution of a firm, Bank overdraft is transferred to:
1.Cash Account
2. Bank Account
3. Realisation Account
4.Partners’ Capital Account
Posted Date:-2022-10-17 16:37:01
On dissolution of a firm, Partner’s Loan Account is transferred to:
1.Realisation Account
2. Partner’s Capital Account
3.Partner’s Current Account
4. None of these
Posted Date:-2022-10-17 16:37:49
On dissolution of the firm, Partners’ Capital Accounts are closed through :
1.Realisation Account
2.Drawings Account .
3.Bank Account
4.Loan Account
Posted Date:-2022-10-19 08:24:10
On dissolution, goodwill account is transferred to :
1.In the Capital Accounts of Partners
2. In the Credit of Cash Accounts
3.In the Debit of Realisation Account
4. In the Credit of Realisation Account
Posted Date:-2022-10-17 16:20:10
On dissolution, if a partner undertakes to make payment of a liability of the firm, the account to be debited is:
1. profit & Loss Account
2.Realisation Account
3.Partner’s Capital Account
4. Cash Account
Posted Date:-2022-10-17 16:19:01
On dissolution, when a partner takes over an asset……….is debited :
1.Realisation Account
2. Partner’s Capital Account
3.Cash Account
4.Asset Account
Posted Date:-2022-10-17 16:38:59
On retirement of a partner, his share of goodwill is written off among continuing partners in there :
1.New Profit-sharing Ratio
2.New Capital Ratio
3.Gaining Ratio
4.None of these
Posted Date:-2022-10-17 16:16:32
On retirement of a partner, the retiring partner’s capital account will be credited with :
1.His/her share of goodwill
2.Goodwill of the firm
3.Shares of goodwill of remaining partners
4.None of these
Posted Date:-2022-10-17 16:17:23
On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be :
1.Realisation Account
2. Cash Account
3. Capital Account of the Partner
4.Liability Account
Posted Date:-2022-10-17 16:35:27
On taking responsibility of payment of realisation expenses by a partner, the account credited will be :
1. Realisastion Account
2.Cash Account
3.Capital Account of the Partner
4. None of the above
Posted Date:-2022-10-17 16:31:54
P, Q and R are partners and share profit in the ratio of 5:3:2. R retires and surrenders 3/5th of his share in favour of P and 2/5th of the share to Q. Find new profit sharing ratio:
1. 7 : 3
2. 1 : 2
3. 31 : 19
4. None of these
Posted Date:-2022-10-17 16:13:30
Partnership Act provides that interest on amount of capital balance left by the retired partner be paid at:
1.5%
2. 6%
3.Bank Rate
4. 8%
Posted Date:-2022-10-17 15:01:14
Payment of credit balance of Partners’ Capital Accounts at the time of dissolution of a firm is made to:
1.Partners
2. Firm
3.Wife
4.None of these
Posted Date:-2022-10-17 16:40:37
Profit and loss on revaluation at the time of retirement is shared by:
1. Remaining Partners
2. All Partners
3.New Partner
4.None of these
Posted Date:-2022-10-17 14:57:34
Profit/loss on Realisation Account is distributed among partners:
1. In Profit-sharing Ratio
2. In Capital Ratio
3.Equally
4. None of these
Posted Date:-2022-10-19 08:31:11
Realisation Account is a :
1. Personal A/c
2. Nominal A/c
3.Read A/c
4.None of these
Posted Date:-2022-10-19 08:23:28
Realisation expenses are recorded in which side of Realisation A/c:
1. Liabilities
2.Assets
3. Credit
4. Debit
Posted Date:-2022-10-17 16:42:05
Sundry creditors amounted to ₹ 8,000. They were paid at a discount of 5 %. Realisation A/c will be debited by :
1.₹ 8,000
2. ₹ 7,600
3. ₹ 400
4.₹ 8,400
Posted Date:-2022-10-19 08:29:05
Surrender value of an insurance policy means that value:
1.Which is received an death of a partner
2.Which is received when a policy matures
3. Which can be received before the due date of the policy
4.None of the above
Posted Date:-2022-10-17 15:02:43
The balance of Joint Life Policy Account and Joint Life Policy Reserve A/c is:
1.Always Equal
2.Always Unequal
3. Not Necessary
4.None of these
Posted Date:-2022-10-17 14:56:32
There was an Unrecorded asset of ₹ 12,000 which was taken over by a partner at ₹ 10,500. Partner’s Capital Account will be debited by…….
1. ₹ 12,000
2. ₹ 10,500
3. ₹ 1,500
4. ₹ 32,500
Posted Date:-2022-10-17 16:36:30
Unrecorded assets when taken over by a partner are shown in:
1.Debit side of Realisation A/c
2. Debit side of Bank A/c
3. Credit side of Realisation A/c
4.Credit side of Bank A/c
Posted Date:-2022-10-19 08:27:22
Unrecorded liabilities when paid are shown in :
1.Debit side of Realisation Account
2. Debit side of Bank Account
3.Credit side of Realisation Account
4. Credit side of Bank Account
Posted Date:-2022-10-17 16:40:05
When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to :
1.Realisation Account
2. Partners’ Capital Account
3. Partner’s Loan Account
4.None of these
Posted Date:-2022-10-17 16:32:27
Which of the following is correct profit or loss in case the amount received from the sale of assets is ₹ 50,000, total assets is ₹ 60,000, total liabilities ₹ 20,000 and realisation expenses ₹ 2,000 ?
1.₹ 12,000 Loss
2.₹ 32,000 Profit
3. ₹ 30,000 Loss
4.₹ 12,000 Profit
Posted Date:-2022-10-19 08:31:40
Which of the following is not transferred to Realisatsion Account ?
1. Balance of Cash Account
2.Balance of Reserves
3. Balance of Profit & Loss Account
4. All of the above
Posted Date:-2022-10-17 16:34:49
Which of the following is transferred to Realisation Account ?
1.Balance of Profit Account
2. Balance of Profit & Loss Account
3.Amount realised on sale of assets
4. Reserves
Posted Date:-2022-10-17 16:33:06
X, Y, Z are equal partners in a firm. Z retires from the firm. The new profit-sharing ratio between X and Y is 1:2. The gaining ratio will be:
1. 3 : 2
2.2 : 1
3.4 : 1
4.Only Y gains by 1/3
Posted Date:-2022-10-17 14:58:07
X, Y, Z are partners sharing profits in the ratio of 3 : 4 : 4. Y retires and X and Z share their profits in equal ratio. New ratio of X and Z will be :
1. 1 : 2
2. 2 : 1
3.3 : 1
4.1 : 1
Posted Date:-2022-10-17 14:58:50