Advertisements
Advertisements
प्रश्न
In the event of dissolution of the firm, the partner’s assets are first used for payment of the following:
विकल्प
Firm’s liabilities
Partner’s personal liabilities
None of the two
Any of the two
Advertisements
उत्तर
Partner’s personal liabilities
Explanation:
In the event of the firm’s dissolution, the partner’s assets are initially used to settle his personal liabilities.
APPEARS IN
संबंधित प्रश्न
Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm on the basis of 'Economic Relationship'.
Answer in one sentence only.
Who is called insolvent person?
Answer in one sentence only.
In what proportion is the balance on Realisation Account transferred to Partners’ Capital / Current Accounts?
If the number of partners in a firm falls below two, the firm stands_________.
Give the word/term/phrase which can substitute the following statement.
Debit balance of Realisation account.
Seeta and Geeta are partners in the firm sharing Profits and Losses in the ratio of 4:1. They decided to dissolve the partnership on 31st March 2020 on which date their Balance Sheet stood as follows.
| Balance Sheets as on 31st March 2020 | ||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital: | Furniture | 14,000 | ||
| Seeta | 90,000 | Plant | 65,000 | |
| Geeta | 40,000 | Trademark | 8,000 | |
| Sundry Creditors | 35,000 | Sundry Debtors | 48,000 | 45,000 |
| Bank Loan | 15,000 | Less: R.D.D | 3,000 | |
| Stock | 30,000 | |||
| Cash in hand | 10,000 | |||
| Advertisement Suspense | 8,000 | |||
| 1,80,000 | 1,80,000 | |||
Additional Information:
- Plant and Stock taken over by Seeta ₹ 78,000, and ₹ 22,000 respectively.
- Debtors Realised 90% of the Book Value and Trademark at ₹ 5,000. and Goodwill was realised for ₹ 7,000.
- Unrecorded assets estimated ₹ 4,500 was sold for ₹ 1,500.
- ₹ 1,000 Discount were allowed by creditors while paying their claim.
- The Realisation Expenses amounted to ₹ 3,500.
You are required to prepare Realisation A/c, Cash A/c, and Partners Capital A/c.
Consider the following statements
Statement 1: "On dissolution Cash or Bank Account is closed automatically".
Statement 2: This is done because of the double- entry system of book-keeping.
Pick the odd one out.
Choose the correct order in which a partnership firm, at the time of its dissolution, will apply the amount realised from the sale of its assets, including any amount contributed by the partners, towards the payment of:
P: Partners' loan
Q: Firm's debts
R: Balance of partners' capital
S: Surplus divided amongst the partners in their profit-sharing ratio
Assertion: A revaluation account is prepared at the time of dissolution of a partnership.
Reason: A revaluation account is prepared to determine the net gain/loss on realisation of assets and settlement of liabilities.
Which one of the following is correct?
