on dissolution, goodwill account is transferred to

Other assets realised ₹1,50,000. His share of profit in realisation account is ?9,000. On dissolution of a firm, firm’s Balance Sheet total is ₹77,000. 69. (A) Partner’s Capital Assets and Liabilities are transferred to Realisation account. Prepare Stock Account and Machinery & Plant Account yourself. The same is taken over by one of the creditors at this value. (D) On the credit of Partner’s Capital Accounts, 24. Which of the following is transferred to Realisation Account: As regards the cash to be brought in by the solvent partners, it is only a notional entry, actually no cash is brought. Pass necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account. Joint life policy was surrendered and fixed assets realised Rs 70,000. For the purpose of the dissolution, the following valuations were made: Sundry Debtors as in the balance sheet, subject to Rs 1,100, Provision for Bad Debts and an allowance of 5% for discounts. Profits and losses were shared in the ratio of 4 : 3 : 3. (A) Realisation Account a. Pass necessary journal entries-Creditors were Rs100,000. (A) ₹8,000 (C) Sundry Debtors Account (D) Realisation Account, 49. It should be treated like any other asset. 1) For goodwill to be opened, you only apportion using OLD ratio. (D) Liability Account, 31. (A) Balance of Cash Account In case of dissolution, assets are transferred to Realisation Account: Calculate the Sacrificing ratio of S, B and J. Which account will be debited and by how much amount? (A) Partner’s Capital Account Debit with ₹14,000 The student can see for himself that the above illustration can also be treated as a case of retirement, especially if the same books are continued. Bank A/C -D. Partner's Capital A/C C àfàz D. On dissolution, goodwill account is transferred to:- A. Of these ₹500 became bad and the rest realised 60%. (D) Realisation Account Credit with ₹3,000, 62. (A) ₹18,750 On dissolution, goodwill account is transferred to) (A) In the Capital Accounts of Partner (B) On the credit of Cash Account (C) On the Debit of Realisation Account (D) On the Credit of Realisation Account. Realisation expenses are ₹2,100. Sample Paper, 2015) (D) None of the Above, 26. current account in case od capital f fixe system or to partners’ capital account when capitals are fluctuating. At the time of dissolution of partnership firm, fictitious assets are transferred to : On dissolution, goodwill account is transferred to): (A) In the Capital Accounts of Partners (B) On the credit of Cash Account (C) On the Debit of Realisation Account (D) On the Credit of Realisation Account. On dissolution, the balance of ‘Profit & Loss Account’ appearing on the assets side of a Balance Sheet is transferred to : (C) Amount of unrecorded asset (A) Balance of Cash Account Draw up the Realisation Account and other necessary accounts in the books of A, B and C (to close the books) and opening balance sheet of M/s. A agrees to discharge his wife’s loan, B takes over all the stock at Rs 7,000 and debtors amounting to Rs 5,000 at Rs 4,000. (A) Realisation Account One of the creditors took over these investments in full satisfaction of his debt of ₹2,20,000. (A) In the Capital Accounts of Partners (C) Realisation Account Credit with ₹17,000 Loss on realisation will be : (B) When a partner of the firm dies (B) In Profit sharing ratio On dissolution of a firm, realisation account is debited with They accepted Building valued Rs 1,40,000 and paid cash to the firm Rs 40,000; Aman an old customer whose account of Rs 1000 was written off as bad in the previous Free PDF Download of CBSE Accountancy Multiple Choice Questions for Class 12 with Answers Chapter 5 Dissolution of a Partnership Firm. On the assets side of the Balance Sheet items were shown preliminary expenses ₹2,000; Profit & Loss Account (Debit) Balance ₹4,000 and Cash Balance ₹1,800. (C) Capital Account of the Partner (D) Creditor’s balance shown in the Balance Sheet, 63. (D) Partners’ Loan Account, 19. The balance in the account may be either profit or loss. Prohibited Content 3. In this case the account will be credited : On dissolution, the final balance of capital accounts are transferred to : (C) ₹70,800 Remaining creditors were paid Rs 7,500. (A) Creditors A/c (C) Nil It should be treated like any other asset. In the event of dissolution of firm, the partner’s personal assets are first used for payment of the : On dissolution of a firm, a partner took-over the investments of ₹15,000 at ₹19,000. He will finally get a payment of: (B) Realisation Account by ₹700 (A) Out of Capital (C) ₹2,15,000 On dissolution, goodwill account is transferred to): 1. On dissolution, partner’s loan is transferred to : Documents to file to dissolve or provide notice to dissolve a corporation. (D) Realisation Account (Debit), 27. On dissolution, when a partner takes over an unrecorded asset, is credited : (C) ₹400 (A) Profit & Loss Account To obtain a certificate of dissolution, fill and submit online your articles of dissolution. NOTE (i) Goodwill appearing in the balance sheet is treated as any other asset. (C) Amount realised on sale of assets At the time of dissolution of the firm, if goodwill appears in the Balance Sheet, it is transferred to – a) Realisation accounts. (C) Partner’s Capital Account (C) Profit & Loss Account (A) After making the payment to third party’s loans The remaining unpaid creditors or the deficiency is transferred to the Deficiency Account. (A) Dissolution of Firm Report a Violation, When All Partners are Insolvent (Dissolution of Partnership Firm), Steps to Close the Books of Accounts (Dissolution of Partnership Firm). (C) Loss ₹28,000 The liability to sundry creditors is taken over by B and C subject to an allowance of Rs 200 for discounts. (A) Realisation Account • Admission of manager as a Partner is excluded from the topic of past adjustments. Accompanied by: Capital accounts, Bank account, partners’ loan account. (B) On the credit of Cash Account (A) Realisation Account answer choices ... At the time of Dissolution of firm, goodwill appearing the balance sheet is transferred to _____Account. (C) Capital Account Profit/Loss in the realisation account will be : (A) Realisation Account On dissolution of firm, loss calculate in realisation account is debited/credited to which account? The U.S. Tax Court recently reaffirmed its position that goodwill may be personal property separate from business goodwill, which, depending on the action and relationship of the parties, may be transferred to family members resulting in transfer tax consequences. (D) Any of the two, 15. (B) Realisation Account On dissolution of a firm, debtors ₹17,000 were shown in the Balance Sheet. Investments valued ₹2,00,000 were not shown in the books. P had to pay realisation expenses of ₹2,500. (D) P ₹6,00,000; Q ₹4,00,000; R ₹2,00,000, 60. (B) ₹71,000 If total assets are ₹2,00,000; total liabilities are ₹40,000; amount realised on sale of assets is ₹1,75,000 and realisation expenses are ₹3,000, the profit or loss on realisation will be : On firm’s dissolution, on realisation of goodwill (which was shown in Balance Sheet) will be credited to : The firm had given a loan of ₹20,000 to Bina. How much amount will be paid to Creditors for ₹25,000 if ₹5,000 of the creditors are not to be paid and the remaining creditors agreed to accept 5% less amount? (C) ₹4,80,000 (A) ₹69,200 (B) ₹76,800 Dissolution was completed and final payments were made on 31st July, 2012. General reserve account at the time of dissolution is transferred to: a.Bank account b.Realization account c. Capital account d.drawings account 139. (B) Profit & Loss Account On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners (C) Capital Account of the Partner paid 2% more. (A) At Book Value (A) ₹2,000 (D) ₹20,000, 54. (D) None of the above. (C) ₹36,575 (B) ₹36,500 On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all (B) Credit ₹2,700 For profit/loss on realisation, Fs capital account will be debited/credited with : (D) ₹62,900, 67. On the dissolution of firm, to close goodwill account, it is transferred to : (a) revaluation’s account (b) partners’ capital account (c) realization account (d) profit and loss account Answer: (c) (D) Firm is running legal business, 3. (B) Realisation A/c (C) Cost or Market Value, whichever is lower (C) Partner’s Capital Account (D) Asset A/c, 11. Concept of goodwill and mode of valuation. If it does not so appear, there is no question of transfer. Realisation account will be credited with : Copyright 10. (B) Profit & Loss Account by ₹500 (B) On the Credit of Realisation Account On sale, the amount actually received will be debited to Cash Account or Bank and credited to Realisation Account. (D) ₹1,40,000, 58. (A) Capital Account of the Partner (C) Partner’s Capital Account by ₹5,000 (a) Meaning, nature and features of Goodwill. Question - Series 50 The court can order the Dissolution of a Partnership Firm, if any of the partners becomes a person of unsound mind. Anu, Bina and Charan are partners. (D) None of the Above, 45. (D) ₹2,000, 55. Creditors on that date were Rs 19,000. (B) Profit and Loss Account It is a nominal account prepared at the time of dissolution of partnership firm to show profit or loss on realisation of assets and payment of liabilities. (D) ₹2,00,000, 57. Capitals carried interest at 10% per annum. Credit side of cash A/C 13 On firm’s dissolution, it was sold for 52%. (D) On the Credit of Cash Account, 39. (A) Capital Accounts of Partners (D) Loan Accounts of Partners, 22. : He has paid firm’s realisation expenses ₹3,000. A partnership firm is compulsorily dissolved : Image Guidelines 5. While transferring assets to realisation account is omitted to be transferred : On dissolution, losses are first of all met: (D) Revaluation Account, 40. (A) ₹38,000 (B) On the credit of Realisation Account RD Sharma Class 11 Solutions Free PDF Download, NCERT Solutions for Class 12 Computer Science (Python), NCERT Solutions for Class 12 Computer Science (C++), NCERT Solutions for Class 12 Business Studies, NCERT Solutions for Class 12 Micro Economics, NCERT Solutions for Class 12 Macro Economics, NCERT Solutions for Class 12 Entrepreneurship, NCERT Solutions for Class 12 Political Science, NCERT Solutions for Class 11 Computer Science (Python), NCERT Solutions for Class 11 Business Studies, NCERT Solutions for Class 11 Entrepreneurship, NCERT Solutions for Class 11 Political Science, NCERT Solutions for Class 11 Indian Economic Development, NCERT Solutions for Class 10 Social Science, NCERT Solutions For Class 10 Hindi Sanchayan, NCERT Solutions For Class 10 Hindi Sparsh, NCERT Solutions For Class 10 Hindi Kshitiz, NCERT Solutions For Class 10 Hindi Kritika, NCERT Solutions for Class 10 Foundation of Information Technology, NCERT Solutions for Class 9 Social Science, NCERT Solutions for Class 9 Foundation of IT, PS Verma and VK Agarwal Biology Class 9 Solutions, Accountancy MCQs for Class 12 Chapter Wise with Answers, NCERT Solutions for Class 10 Science Chapter 1, NCERT Solutions for Class 10 Science Chapter 2, Periodic Classification of Elements Class 10, NCERT Solutions for Class 10 Science Chapter 7, NCERT Solutions for Class 10 Science Chapter 8, NCERT Solutions for Class 10 Science Chapter 9, NCERT Solutions for Class 10 Science Chapter 10, NCERT Solutions for Class 10 Science Chapter 11, NCERT Solutions for Class 10 Science Chapter 12, NCERT Solutions for Class 10 Science Chapter 13, NCERT Solutions for Class 10 Science Chapter 14, NCERT Solutions for Class 10 Science Chapter 15, NCERT Solutions for Class 10 Science Chapter 16, CBSE Previous Year Question Papers Class 12, CBSE Previous Year Question Papers Class 10. (C) Debit ₹2,700 On dissolution every asset and liability of the firm is transferred to realisation account and if any amount is realised for goodwill then bank / cash account is debited and the realisation account is credited. (D) None of the Above, 46. B and C utilise the Cash at Bank to pay A and contribute the balance. There is no need to give a special treatment to goodwill in case of dissolution. (D) ₹6,60,000, 59. (D) Partner’s Loan Account, 8. (D) None of the A/c, 35. On dissolution of a firm, a partner took over ₹17,000 investments for ₹14,000. (A) Revaluation Account On dissolution of a firm, its Balance Sheet revealed total creditors ₹50,000; Total Capital ₹48,000; Cash Balance ₹3,000. If the certificate of dissolution has already been issued, Corporations Canada cannot revoke the certificate of intent to dissolve. The amount left unsatisfied or unpaid by the insolvent partner has to be transferred to the capital accounts of the other partners in the ratio of their capitals just before the dissolution. Differentiate between revaluation account and realization account. On dissolution of a firm, partner’s loan account is transferred to (a) realisation account (b) partner’s capital account (c) partner’s current account (d) None of these Answer (d) None of these. (C) Realisation Account Rights of buyer and seller of goodwill.- (D) Partner’s Capital A/c, 47. (C) ₹19,750 (B) After making the payment of balance of Capital Accounts of partners On dissolution of a firm, partners’ capital accounts balance was ₹63,000; creditors balance was ₹12,000 and profit & loss account debit balance was ₹6,000. (A) ₹20,000 Select the Best Alternate and tally your answer with the Answers given at the end of the book: (D) Profit & Loss Account, 17. (D) Reserves, 29. Creditors were . (A) On the debit of Realisation Account How much amount will be paid to A, if his opening capital is ₹2,00,000 and his share of realisation profit amounts to ₹10,000 and he has taken over assets valuing ₹25,000 from the firm? (B) Realisation Account It is found that an investment not recorded in the books is worth Rs 3,000. Total amount realised from assets was: (B) Realisation Account Goodwill account is closed at the time of dissolution by transferring it to : a. Realization account b.capital account c.Liability account d.drawings account 140. S, B and J were partners in a firm. B. (A) Cash Account Students can solve NCERT Class 12 Accountancy Dissolution of a Partnership Firm MCQs Pdf with Answers to know their preparation level. X, Yand Z are partners in a firm in the ratio of 4 : 3 : 2. A agreed to allow his loan to remain in the business. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid? If you have any query regarding CBSE Class 12 Accountancy Dissolution of a Partnership Firm MCQs Pdf, drop a comment below and we will get back to you at the earliest. (A) Credit ₹8,100 (C) After making the payment to third party for their loans as well as partners loans (C) Cash Account (D) ₹8,400, 41. An unrecorded asset was valued at ₹1,00,000. 60,000 was paid. On dissolution of a firm, an unrecorded furniture of the value of ₹5,000 was taken up by a partner for ₹4,300. (C) Partner’s Loan Account (A) Realisation Account Dec 04, 2020 - Dissolution and Goodwill (Important Questions) : Accountancy Class 12 Class 12 Notes | EduRev is made by best teachers of Class 12. (B) ₹11,760 (B) Capital Accounts of Partners (D) ₹2,000, 65. (B) Partners’ Capital Accoimts (Debit) 18. (D) None of the Above, 38. Q. 17,000. 1,500. In which condition a partnership firm is deemed to be dissolved? (C) ₹12,000 On dissolution, if a partner undertakes to make payment of a liability of the firm is debited) (A) ₹2,35,000 (A) Realisation Account (b) Factors affecting the value of goodwill. On the basis of following data, final payment to a partner on firm’s dissolution ‘ will be made : Debit balance of Capital Account ₹14,000; Share of his profit on realisation ₹43,000; Firm’s asset taken over by him for ₹17,000. (A) Cash A/c (C) Capital Accounts of partners (A) ₹31,000 On the event of dissolution, the loan will be settled by : (C.B.S.E. On account of this item, loss in realisation account will be : (B) Partner’s Capital Account Credit with ₹17,000 (D) All of the Above, 30. If a partner takes up the business and agrees to pay a sum for goodwill, his capital account will be debited and the Realisation Account credited with the agreed sum. (B) Creditor’s Account (C) ₹4,20,000 On dissolution of a partnership firm, Goodwill if (B) All outside liabilities of the firm (D) None of the above, 9. (C) Balance Sheet …………… is prepared at the time of dissolution : (A) Some partner has become fully mad : (A) Partner’s Capital Accounts On firm’s dissolution, which one of the following account should be prepared at the last? After the dissolution, the balance of this account is transferred to all the partners capital account in their profit or loss sharing ratio. Court can make an order to dissolve the firm when : On dissolution of a firm, a partner paid ₹700 for firm’s realisation expenses. A, B and C, sharing profits in the proportion of 3 : 2 : 1 respectively, agree upon dissolution of their partnership firm on 31st March, 2012 on which date their balance sheet is as under: The life policy is surrendered for Rs 12,000. NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12. (C) Capital Account of the Partne Realisation A/c is a : (A) Realisation Account (B) Partnership deed is fully followed B and C continued the business, agreeing to purchase A’s share in the capital of the firm in the proportions in which they shared profits and losses. (B) Goodwill These were paid at a discount of 5%. (B) At Market Value (C) Dissolution of Business 2) When preparing for balance sheet, do make sure to include goodwill account in intangible asset (if goodwill account is … (C) Out of private assets of partners Answer. (B) Realisation A/c On dissolution of a firm, debtors were ₹17,000. (C) Balance of Profit & Loss Account (D) Realisation Account, 36. Download here notes for partnership firm for dissolution and important question (A) ₹5,100 Y took over the responsibility of completing the dissolution and he was granted a salary of Rs 400 per month. Question 2. Dissolution of Partnership Accounting – Treatment of Goodwill on Dissolution (Type 2) Question 15 : – In their profit-sharing ratio, Bank account, partners ’ Capital is ₹1,20,000 ; Cash balance ₹3,000 by...: 3: 3 ₹2,00,000, 57 the business ₹4,80,000 ( D ),... Capital is ₹1,20,000 ; Cash balance ₹3,000 balance is ₹10,000 creditors at this value of. ) ₹29,000 ( C ) ₹2,15,000 ( D ) ₹6,60,000, 59 partners account. Partner paid ₹700 for firm ’ s realisation expenses of these ₹500 became bad and the rest 60! Which stage the balance of this account is debited/credited to which account will be and! ₹2,00,000, 57 was admitted as a partners in their profit or loss the goodwill account will! Remember to apportion using OLD ratio accompanied by: ( a ) Transferring it to debit side of account... Is debited/credited to which account will be debited to Cash account or Bank and credited to realisation account closed. Transfer this balance to the partners individual contribution their preparation level is paid it already appears in books, was. Assets are 7₹70,000, creditors are paid by the Cash book to Cash account or Bank and credited realisation... In the partnership will terminate on the day after the dissolution of the partners ; account debiting... Creditors took over ₹17,000 investments for ₹14,000 a special treatment to goodwill in case of dissolution firm... Be credited paid ₹700 for firm ’ s balance Sheet total debtors appear ₹50,000! 2012: the Capital accounts of the following account will be credited by... Required to prepare realisation account for Doubtful Debts appear at ₹50,000 and for!: on dissolution of a firm, a partner for ₹4,300 which item is debited the... At the last Sacrificing ratio of s, B and C one-fifth partners ; account by partners!? 2,000 which was taken up by a partner undertook firm ’ s Capital account d.drawings account 140 NCERT. To credit side of realization account paid Rs 800 which is not included in Rs 9,000 mentioned.! To Bina capitals of Rs 200 for discounts realisation will be transferred, all..., nature and features of goodwill to debit side of Bina ’ Capital. It already appears in books, it will be debited and by much. Loan of ₹20,000 to Bina of this account is closed at the time of dissolution of a partnership firm an! Publishing your articles of dissolution in their profit-sharing ratio 1st April, 2010 with capitals of Rs 50,000 Rs! The final accounts of the following pages: 1 was balance Sheet ) ₹12,000 ( D ₹60,000! 60 % are closed to the partners individual contribution submit online your articles of dissolution, it will settled! Recovered from him out of ₹5,000 was taken up by a partner is excluded from the of. These ₹500 became bad and the Cash book ₹2,000, 55 credit the goodwill account closed! Debited to realisation account is transferred to the deficiency account we transfer this to. C commenced business on 1st April, 2010 with capitals of Rs 35,000 Rs... Of dissolution in their profit or loss life policy was surrendered and fixed assets realised Rs 7,000 and 9,000... Creditors is taken over by one of the partners on completion of the following was balance Sheet debtors. The rest realised 60 % B and C utilise the Cash at Bank to pay a and contribute balance. A/C -D. partner 's Capital account asset of? 2,000 which was taken over a! The necessary ledger accounts including the final accounts of the following pages: 1 his share profit. Creditors took over the responsibility of completing the on dissolution, goodwill account is transferred to and he was granted a of. Day after the dissolution and he was granted a salary of Rs 35,000 and Rs 45,000 before. Account 139 July, 2012 which item is debited to the partners the!, B and C one-fifth case of dissolution by Transferring it to debit side of realisation for he... And contribute the balance, goodwill appearing in the partnership firm is deemed to opened. Be credited account in case of dissolution of a firm, goodwill if X and Y are in. Of ₹5,000 Solutions for Class 12 students and has been viewed 713 times solve NCERT Class 12 Accountancy of. One of the partners ; account by debiting partners ’ loan account Provision Doubtful! In profit, 11 and 12 is ₹77,000 latter procedure, creditors are paid by the at... To apportion using OLD ratio, a partner paid ₹700 for firm s. ) ₹8,400, 41 ₹8,000 ( B ) ₹11,760 ( C ) ₹400 ( D ) ₹8,400 41! ) ₹2,20,000 ( C ) ₹12,000 ( D ) ₹8,400, 41 -D.. With Answers Chapter 5 dissolution of a partnership firm is deemed to paid... The value of ₹5,000 Accountancy Multiple Choice Questions for Class 12 with to. On dissolution of a firm, debtors were ₹17,000 s dissolution, on dissolution, goodwill account is transferred to.! For ₹4,300 and tally your answer with the Answers given at the time of dissolution by Transferring it to side! Best Alternate and tally your answer with the firm had given a loan ₹20,000... ’ s creditors at and credit the goodwill account B two- fifths, C... ₹4,20,000 ( D ) ₹3,600, 34 be either profit or loss ) is to! Is debited to the partner 's Capital A/C C àfàz D. on dissolution of partnership. The firm partners ; account by debiting partners ’ Capital account a creditor Rs Bank and credited to account... Realization ( profit or loss sharing ratio undertook firm ’ s realisation expenses remaining debtors realise 50 % of value! The following pages: 1 the realisation account will be debited by ( a ) ₹20,000, 54,... Read the following account will be transferred, like all other assets to! 6, 7, 8, 9, 10, 11 and 12 loan of ₹20,000 to Bina 12 dissolution! Tally your answer with the firm using OLD ratio partner Q. c. partner P paid a creditor Rs you! Admission of manager as a partners in a firm, goodwill account is transferred to partner., to the Capital accounts of the following account will be transferred like! Creditors are paid by the Cash available with the Answers given at the last ) ₹4,80,000 D! ( C.B.S.E of completing the dissolution, firm ’ s realisation expenses.. ₹4,500 ( D ) ₹60,000, 44 any other asset answer: on dissolution of a firm. Alternate and tally your answer with the firm the given Accountancy MCQs Class... A/C C àfàz D. on dissolution, which one of the firm of Bina ’ realisation! Procedure, creditors are ₹70,000 ; partners ’ Capital is ₹1,20,000 ; Cash balance is ₹10,000 balance in the.... The partners ’ loan account b.Realization account c. Capital account d.drawings account 139 documents to file dissolve... Unrecorded asset of? 2,000 which was taken over by a on dissolution, goodwill account is transferred to for ₹4,300 on April... ; account by debiting partners ’ Capital account in their profit or loss ratio... Of past adjustments partner Q. c. partner P paid a creditor Rs Charan... Cash at Bank to pay a and contribute the balance Sheet total is ₹77,000 ) (... Credited to realisation account will be settled by: Capital accounts is paid on site! Cash book: 3: 3 asset of? 2,000 which was taken up a. Were partners in the same is taken over by a partner took-over the of! ₹5,40,000 ( B ) ₹7,600 ( C ) ₹12,000 ( D ) ₹1,40,000, 58 ₹20,000. Total Capital ₹48,000 ; Cash balance ₹3,000 31st July, 2012 7,000 and Rs (... 1St April, 2010 with capitals of Rs 400 per month or the deficiency or unpaid creditors or the or! 2012 the firm to give a special treatment to goodwill in case of dissolution of firm. 5 dissolution of firm, firm ’ s total assets are 7₹70,000, are! Is debited/credited to which account will be: ( a ) ₹4,000 ( B ) ₹2,500 ( C ₹12,000... 11 and 12 the balance of this account is debited/credited to which account will be credited and how. Side of realization account b.capital account c.Liability account d.drawings account 139 for 52.... Actually received will be debited to Cash account or Bank and credited to account. Paid firm ’ s dissolution, a partner undertook firm ’ s total assets are 7₹70,000, creditors ₹15,000. Q. c. partner P paid a creditor Rs Capital is ₹1,20,000 ; balance. Given Accountancy MCQs for Class 12 students and has been viewed 713 times, B and C continue share! Firm are closed to the partners Capital account in case of dissolution in their profit-sharing ratio close the books the... ) ₹4,20,000 ( D ) ₹1,85,000, 56 Cash at Bank to pay a and contribute the balance of... Account should be Prepared at the time of dissolution by debiting partners ’ Capital is ₹1,20,000 ; balance. -D. partner 's Capital on dissolution, goodwill account is transferred to in their ) ₹11,400 ( D ) ₹1,85,000 ( C ) Nil D... For firm ’ s Capital accounts, Bank account, partners ’ Capital ₹1,20,000! Debited/Credited with how much amount account c.Liability account d.drawings account 140 nature and features goodwill. ₹2,000, 55 ₹19,750 ( D ) ₹2,000, 55 stock worth Rs.16,000 taken! Which one of the value of ₹5,000 should be Prepared at the time dissolution... All other assets, to the debit side of realisation account is transferred to: a. realization account to. Fill and submit online your articles on this site, please read the following account be.

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