Quiz on Dissolution of Partnership FirmResults #1. All activities of partnership firm ceases on ……………….. of firm. Dissolution Dissolution Admission Admission Retirement Retirement Death Death #2. If the number of partners in a firm falls below two, the firm stands ……………….. Dissolved Dissolved Established Established Realisation Realisation Restructured Restructured #3. ………………. means winding up of partnership firm. Dissolution Dissolution Retirement Retirement Formation Formation Death Death #4. In case of dissolution, assets and liabilities are transferred to ………… account. Bank account Bank account Partners’ Capital Account Partners’ Capital Account Realisation account Realisation account Partners’ current account Partners’ current account #5. Assets and liabilities are transferred to Realisation Account at their ………………… values Purchase Purchase Market Market Book Book Sale Sale #6. Realisation Account is ……………………. Balance sheet Balance sheet Personal Account Personal Account Real Account Real Account Nominal Account Nominal Account #7. Realisation account is …………….. on realisation of Asset. Debited Debited Credited Credited Deducted Deducted Closed Closed #8. If any asset is taken over by partner from firm, his capital account will be ………… Credited Credited Debited Debited Added Added Divided Divided #9. When assets of a firm are sold on dissolution, Realisation Account is ………….. Credited Credited Debited Debited Closed Closed Opened Opened #10. If any unrecorded liability is paid on dissolution of the firm ……………………. account is debited. Cash/Bank Account Cash/Bank Account Realisation Account Realisation Account partners’ Capital Account partners’ Capital Account Loan Account Loan Account #11. When a partner takes over a liability, his capital account is ……………. Credited Credited Added Added Debited Debited Divided Divided #12. Dissolution expenses are credited to …………… Account. Realisation Account Realisation Account Cash/Bank Account Cash/Bank Account Partners’ capital account Partners’ capital account Partner’s Loan Account Partner’s Loan Account #13. Dissolution expenses are debited to ……………. Account. Realisation Account Realisation Account Partners’ Capital Account Partners’ Capital Account Cash/Bank Account Cash/Bank Account Partner’s Loan Account Partner’s Loan Account #14. The Balance of Realisation Account is shared by …………….. All Partners All Partners Creditors Creditors Solvent Partner Solvent Partner Insolvent Partner Insolvent Partner #15. Profit or Loss on realisation is transferred to Partner’s Capital Account in ………… ratio. Gain Gain Profit sharing Profit sharing Capital Capital Debit Debit #16. On dissolution, balance on current account of partners is transferred to ………….. A/c. Capital Capital Profit and Loss Profit and Loss Revaluation Revaluation Bank Bank Finish
