1.
In case of dissolution, assets and liabilities are transferred to _________
A/c.
a.
Bank A/c
b.
Partner's Capital A/c
c. Realisation A/c
d.
Partner's Current A/c
2.
Dissolution expenses are credited to ___________ A/c
a.
Realisation A/c
b. Cash/ bank A/c
c.
Partner's Capital A/c
d.
partner's Loan A/c
3.
Deficiency of Insolvent partner will be shared by solvent partners in their
____________ ratio.
a.
capital ratio
b. profit – sharing ratio
c.
sale ratio
d.
liquidity ratio
4.
If any asset is taken over by partner from firm his capital A/c will be _______
a.
credited
b. debited
c.
added
d.
none of these
5.
If any unrecorded liability is paid on dissolution of the firm ___________
a.
cash/bank A/c
b. Realisation A/c
c.
partner's capital A/c
d.
Loan A/c
6.
Partnership is compulsorily dissolved when the partners of the firm become
__________
a.
Solvent
b. Insolvent
c.
Creditor
d.
none of these
7.
Assets and liabilities are transferred to Realisation Account at their _____
values.
a.
market
b.
purchase
c.
sale
d. book
8.
If the number of partners in a firm falls below two, the firm stands _________
a. dissolved.
b.
established
c.
realisation
d.
none of these
9.
Realisation account is ________ on realisation of assets.
a.
debited
b. credited
c.
deducted
d.
none of these.
10.
All activities of the partnership firm cease (stop) on _________ of firm.
a. dissolution
b.
admission
c.
retirement
d.
none of these.
