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12th Standard CBSE Accountancy Unit 6 Accounting for Partnership - Dissolution of Firm One Mark Question and Answer

Published on: 28/08/2019

Accounting for Partnership - Dissolution of Firm

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Std: 12th Standard CBSE - Accountancy

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Questions:

1 Marks

6 x 1 = 6

Mohan and Kanwar are partners in a firm. The firm was dissolved on 01.01.2013. Mohan was assigned the work of dissolution. For this work, Mohan was to be paid Rs. 500. Mohan paid dissolution expenses of Rs. 400 from his own pocket. Will any journal entry be passed for Rs. 400 paid by Mohan? If yes, pass the entry, if no, give reason.

The firm of Ravi and Mohan was dissolved on 01.03.2013. According to the agreement, Ravi had to undertake the dissolution work for an agreed remuneration of Rs, 20,000 and bear all realisation expenses. Dissolution expenses were Rs. 1,500 and the same were paid by the firm. Pass necessary journal entries for the payment of dissolution expenses.

State the liability of partners in case of dissolution of firm.

In case of dissolution of a firm, which item on the liabilities side are to be paid last?

Give any one point of distinction between dissolution of partnership and dissolution of partnership firm.

Give any one difference between reconstitution of firm and dissolution of a firm.

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Answers Key:

1 Marks

6 x 1 = 6

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Yes, entry will be passed, i.e., Dr. Realisation A/c, Cr. Mohan's Capital A/c by Rs. 400.

Note: Mohan was not liable to bear the dissolution expenses.

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(i) Dr. Realisation A/c Cr.Ravi's Capital A/c by Rs. 2,000.

(ii) Dr. Ravi's Capital A/c, Cr. Bank A/c by Rs.1,500.

()
The private property of the partners can be used for paying business debts.

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Final payment of the partners on their capital accounts.

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In case of dissolution of partnership, the business of the firm is continued, whereas in case of dissolution of partnership firm, the business of the firm is closed down.

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Reconstitution of partnership means to change in the existing agreement between the partners, whereas dissolution of firm means the dissolution of partnership between all the partners of the firm.