Chapter-5 ➤ Dissolution of a Partnership Firm 1. Cash balance shown in the Balance Sheet is shown on dissolution of firm in : Realisation Account Cash Account Capital Account None of the Account 2. Expenses on dissolution of firm is called : Realisation Expenses Legal Expenses Loss Expenses None of these 3. On dissolution of a firm, Bank overdraft is transferred to: Cash Account Bank Account Realisation Account Partner’s Capital Account 4. On firm’s dissolution, which one of the following account should be prepared at the last ? Realisation Account Partner’s Capital Accounts Cash/Bank Account Partner’s Loan Account 5. On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be : Realisation Account Cash Account Capital Account of the Partner Liability Account 6. Which of the following is not transferred to Realisatsion Account ? Balance of Cash Account Balance of Reserves Balance of Profit & Loss Account All of the above 7. At the time of dissolution of partnership firm, fictitions assets are transferred to : Capital Accounts of Partners Realisation Account Cash Account Partner’s Loan Account 8. Realisation Account is a : Personal A/c Nominal A/c Read A/c None of these 9. On dissolution of the firm, Partner’s Capital Accounts are closed through : Realisation Account Drawings Account Bank Account Loan Account 10. When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to : Realisation Account Partner’s Capital Account Partner’s Loan Account None of these Loading … Question 1 of 10
