Dissolution Questions

On the dissolution of a firm, creditors are transferred to:

According to Section __________ of the Indian Partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

When a partnership firm is dissolved, final payment made to partners is transferred to:

Which of the following indicates a situation of compulsory dissolution?

Match List-I with List-II:List-I (Transaction)List-II (Relevant account)(A) Settlement of Partners Loan(I) Credit side of Realization A/c(B) Transfer of liabilities(II) Partner's Capital will be credited(C) Transfer of Assets(III) Credit Side of Bank A/c(D) Remuneration payable to partner(IV) Debit Side of Realization A/cChoose the correct answer from the options given below:

Which of the following are the ways for the dissolution of a firm?(A) Dissolution by Notice(B) Dissolution by agreement(C) Dissolution by court(D) Dissolution by not terminating businessChoose the correct answer from the options given below:

The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied first for paying _____________.

In case of dissolution, a Machine costing $\text{Rs. }20,000$, along with cash of $\text{Rs. }5,000$ were given to creditors of $\text{Rs. }30,000$ in full settlement of their claim.In this case, Realisation A/c will be Debited with:

When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to:

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are ₹ 12,000. The Journal Entry will be:

If an asset is taken over by a creditor in full lieu of the amount due to him, then the journal entry will be: