Dissolution Questions

Section 49 of the Indian Partnership Act, 1932 deals with:

Match List-I with List-II:List-I (Accounting standards / Section of Act)List-II (Issues)(A) AS-3(I) Settlement Of Accounts.(B) AS-26(II) Firm's debt and private debt(C) Section 48 of the Indian partnership Act(III) Cash flow statement.(D) Section 49 of the Indian partnership Act(IV) Treatment of goodwill.Choose the correct answer from the options given below:

Arrange the sequence of steps to be followed in the preparation of a Realisation Account during the dissolution of a partnership firm:(A) Realisation of the assets.(B) Transfer assets and liabilities to realisation account.(C) Ascertainment of profit or loss on realisation.(D) Payment of liabilities.Choose the correct answer from the options given below:

When unrecorded debtors are realized at the time of dissolution of a partnership firm, they will be recorded on the:

Match List-I with List-II:List-I (Different accounts)List-II (Related transaction)(A) Profit and loss account(I) Dissolution of partnership.(B) Profit and loss appropriation account(II) Dissolution of firm.(C) Revaluation account(III) Interest on loan to partner.(D) Realization account(IV) Transfer to reserve.Choose the correct answer from the options given below:

When realization expenses are paid by a partner on behalf of the firm, which account will be credited?

According to the Indian Partnership Act, 1932, and subject to a contract between the partners, a firm can be dissolved upon the occurrence of certain contingencies. These include:(A) If constituted for a fixed term, by the expiry of that term.(B) If constituted to carry out one or more ventures, by the completion thereof.(C) By the death of a partner.

When an unrecorded asset is taken over by a creditor in full settlement of their claim during dissolution, the transaction is:

Match List-I with List-II:List-I (Events)List-II (Result)(A) Termination of business(I) Not Possible In Dissolution Of Partnership.(B) Continuation Of Business(II) Not possible in the dissolution of a firm.(C) Intervention of court(III) Dissolution of firm(D) Continuation of books of accounts(IV) Dissolution of partnership.Choose the correct answer from the options given below:

Anubha looked after the dissolution work for a remuneration of $\text{Rs. }8,500$ and agreed to bear dissolution expenses up to $\text{Rs. }6,00,0$. Actual expenses paid by her were $\text{Rs. }7,600$. What is the correct journal entry to record the remuneration payable to Anubha?(A) Realisation A/c is debited by $8,500$ (B) Anubha's Capital A/c is credited by $8,500$ (C) Realisation A/c is debited by $13,600$ (D) Anubha's Capital is credited by $13,600$ Choose the correct answer from the options given below:

Upon the dissolution of a partnership firm, the amount of a loan taken from a partner by the firm is transferred directly to: