Dissolution Questions

In the case of the Dissolution of partnership firm, which accounts are opened:(A) Realization Account(B) Revaluation Account(C) Partners Capital Account(D) Bank AccountChoose the correct answer from the options given below:

Match List-I with List-IIList–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:

According to section _________ of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

On dissolution of a partnership firm, the bills payable is transferred to :

After transferring liabilities like creditors and bills payables in the Realization Account, in the absence of any information regarding their payment, such liabilities are treated as:

A firm is dissolved compulsorily in the following cases: (A) when all the partners or all but one partner, become insolvent, rendering them incompetent to sign a contract(B) when the business of the firm becomes illegal(C) when the business of the firm is earning a large amount of profit.(D) when some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership Choose the correct answer from the options given below:

In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:(A) In paying to each partner proportionately what is due to him on account of capital.(B) The residue, if any, shall be divided among the partners in their profit sharing ratio.(C) In paying the debts of the firm to third parties.(D) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan).Choose the correct answer from the options given below:

When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of __________ and the surplus, if any, may be utilised for payment of __________, in case the firm's liabilities exceed the firm's assets.

Romesh took over stock at $\text{Rs. }8,100$, which is $10\%$ less than its book value. The book value of the stock was _________

Unrecorded assets when taken over by a partner are shown in :

Partner's current accounts are transferred to respective Partners' _____________________.