Chapter-8 Dissolution of Partnership Part-2

1. In the Balance Sheet Total Debtors appear at ₹50,000 and Provision for Doubtful Debts appear at ₹1,500. How much amount will be realised from Debtors, if bad debts amount to ₹10,000 and remaining debtors are realised at a discount of 5%

2. If total assets of a firm are ₹12,00,000 and total liabilities are ₹2,40,000, what will be the capitals of P, Q and R if they share profits in the ratio of their capitals and profit sharing ratio is 1 : 2 : 3 :

3. On dissolution of a firm, debtors ₹17,000 were shown in the Balance Sheet. Out of this ₹2,000 became bad. One debtor became insolvent. 70% were recovered from him out of ₹5,000. Full amount was recovered from the balance debtors. On account of this item, loss in realisation account will be :

4. On dissolution of a firm, firm’s Balance Sheet total is ₹77,000. 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. Loss on realisation was ₹6,300. Total assets (including cash balance) realised will be :

5. …………… is prepared at the time of dissolution :

6. In case of dissolution, assets are transferred to Realisation Account:

7. On dissolution of a firm, a partner took over ₹17,000 investments for ₹14,000. Which one of the following account will be debited/credited with how much amount?

8. Sundry Creditors amounted to ?8,000. These were paid at a discount of 5%. Realisation account will be debited by

9. If creditors are ?25,000, capital is ?1,50,000 and cash balance is ?10,000, what will be the amount of sundry assets?

10. On payment of expenses of dissolution, account will be debited :

11. 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 :

12. On dissolution of a firm, its Balance Sheet revealed total creditors ₹50,000; Total Capital ₹48,000; Cash Balance ₹3,000. Its assets were realised at 12% less. Loss on realisation will be :

13. On dissolution of a firm, debtors were ₹17,000. Of these ₹500 became bad and the rest realised 60%. Which account will be debited and by how much amount?

14. An unrecorded asset was valued at ₹1,00,000. On firm’s dissolution, it was sold for 52%. Realisation account will be credited with

15. 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?

16. On dissolution, when a partner takes over an asset is debited

17. 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?

18. On dissolution, when a partner takes over an unrecorded asset, is credited :

19. On dissolution of a firm, a partner took-over the investments of ₹15,000 at ₹19,000. By how much amount the Realisation Account will be credited?

20. Investments valued ₹2,00,000 were not shown in the books. One of the creditors took over these investments in full satisfaction of his debt of ₹2,20,000. How much amount will be deducted from creditors?

21. There was an Unrecorded asset of ?2,000 which was taken over by a partner at ? 1,500. Partner’s Capital Account will be debited by

22. If opening capitals of partners are A ₹3,00,000, B ₹2,00,000 and C ₹1,00,000 and their drawings during the year are A ₹50,000, B ₹40,000 and C ₹30,000 and creditors are ₹60,000, what will be the amount of assets of the firm?

23. On dissolution, losses are first of all met:

24. n dissolution of firm, which item is debited to the realisation account?:

25. On dissolution of a firm, a partner’s capital account has a credit balance of ₹42,000. His share of profit in realisation account is ?9,000. He has paid firm’s realisation expenses ₹3,000. He will finally get a payment of:

26. On dissolution of a firm, an unrecorded furniture of the value of ₹5,000 was taken up by a partner for ₹4,300. Which Account will be credited and by how much amount? :

27. On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :

28. While transferring assets to realisation account is omitted to be transferred :

29. P, a partner, is to bear all expenses of realisation for which he is to be paid ₹2,000. P had to pay realisation expenses of ₹2,500. How much amount will be debited to Realisation Account?

30. On dissolution, the balance of a partner’s capital account appearing on the assets side of a balance sheet is transferred to :

31. On dissolution, partner’s loan is transferred to :

32. 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. Profit on realisation of assets was ₹7,800. Total amount realised from assets was:

33. 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 :

34. At the time of dissolution of a firm, Creditors are ₹70,000; Partners’ capital is ₹1,20,000; Cash Balance is ₹10,000. Other assets realised ₹1,50,000. Profit/Loss in the realisation account will be :

35. 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.

36. ` X, Yand Z are partners in a firm in the ratio of 4 : 3 : 2. On firm’s dissolution, firm’s total assets are 7₹70,000, creditors are ₹15,000. Realisation expenses are ₹2,100. Assets realised 15% more than the book-value. Creditors were . paid 2% more. For profit/loss on realisation, Fs capital account will be debited/credited with :

37. Anu, Bina and Charan are partners. The firm had given a loan of ₹20,000 to Bina. On the event of dissolution, the loan will be settled by :

38. On firm’s dissolution, a partner undertook firm’s creditors at ? 17,000. In this case the account will be credited :

39. On firm’s dissolution, on realisation of goodwill (which was shown in Balance Sheet) will be credited to :