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12th Standard CBSE Accountancy Unit 9 Accounting for Partnership - Dissolution of Firm One Mark Question and Answer

Published on: 29/08/2019

Accounting for Partnership - Dissolution of Firm

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Questions + Answers key

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Std: 12th Standard CBSE - Accountancy

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Questions:

1 Marks

8 x 1 = 8

Mention any one difference between revaluation account and realisation account.

What is the object of a realisation account in dissolution of partnership ?

Name the assets that is not transferred to the debit side of Realisation Account, but brings certain amount of cash against its disposal at the time of dissolution of the firm.

Distinguish between 'Dissolution of Partnership' and 'Dissolution of Partnership Firm' on the basis of Settlement of accounts.

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

8 x 1 = 8

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Realisation Account is prepared at the time of dissolution of firm whereas Revaluation Account is prepared at the time of admission/retirement or death of a partner.

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The objective of Realisation Account is to find out profit or loss on realisation of realised assets and making payment of liabilities.

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Unrecorded Assets.

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In case of dissolution of partnership, assets are revalued and liabilities are reassessed whereas in case of dissolution of partnership firm, all the assets other than cash are realised and liabilities are paid.

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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.