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Dissolution of Partnership Quiz
20 questions
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True or False Quiz
15 questions
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1. What are the responsibilities of partners in partnership firm?
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2. At the time of dissolution, bad debts, which were written off are now recovered. What will be its effect ?
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3. Name the two methods for the dissolution of a partnership firm.
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4. At the end of dissolution, what effect will be given to Cash balance?
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5. In the second method of preparing realisation A/ c, the amount of realisation of assets is written in which A/c ?
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6. On which side of realisation A/c, the unrecorded expenditures given in adjustments are recorded ?
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7. On which side of the realisation A/c, the amount of Joint life insurance policy and the surrender value of the policy is written ?
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8. Name two circumstances under which compulsory dissolution of a firm takes place by Act ?
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9. On occurrence of which specific events, the firm automatically gets dissolved ?
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10. What kind of responsibility would arise of an acting partner who declares to retire without giving public notice ?
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11. How would you deal with loss of realisation account, when the capital is sufficient ?
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12. In which type of partnership, the partnership firm is dissolved by notice?
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13. What do you mean by dissolution under agreement ?
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14. Explain the order in which the amount realised from dissolution of the firm is distributed.
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15. At the time of dissolution, after paying the capital of partners, if any surplus is left on hand. What effect will it be given ?
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16. If loan is given to the firm by the wife of any partner from the woman's personal wealth, then how will it be paid?
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17. Assets of Rs. 20,000 is given against dues of creditors of Rs. 20,000 then what entry will be given ?
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18. At the time of dissolution after closing to which account general reserve account is transferred ?
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19. At the time of dissolution to which account depreciation fund shown in the balance sheet is transferred ?
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20. Due to which contingencies or happenings partnership firm is automatically dissolved ?
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21. When the partner’s loan will be paid at the time of dissolution of partnership firm?
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22. At the time of dissolution of firm if there is no information about realised value of assets shown in the books of account then what will be entry ?
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23. Which balance is shown by cash account after completion of accounts of dissolution ?
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Chapter 7 Practice Material
760 KB
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One Line Answer and Theory
1.1 MB