Exam 6: Dissolution and Settlement of Partnership Firm

Dissolution of a firm leads to

When a firm is dissolved, project or loss on realization is shared by the partner's in their ------------- ratio

-----------of partnership firm means closing the business of the firm

When an unrecorded asset is taken over by one of the partners, his capital account is ----------------

Realization account Dr. To partner's capital a/c; this entry is recorded when

Realization account is closed by transfer of profit/loss to

If a partner takes over some assets for value on dissolution, realization account should be -----------

The account opened to close the various assets and liabilities of the firm on dissolution is called ------------- account

Amount advanced by partner over and above the capital is paid

Goodwill appearing in the balance sheet at Rs. 10,000 proved to be valueless, is not to be recorded on the ------------------ side of realization account

On dissolution, all assets except cash are transferred to ----------- of realization account

On dissolution, partners loan, if any, will be paid ---------

Realization account Dr. To asset a/c, this entry is written

The nominal account prepared to close the account of business is --------------

Find the odd one

A partnership which can be dissolved at any time by giving notice to other partners is known as ------------------

---------------- of the Indian Partnership Act, 1932 states that when the partnership between all the partners of a firm comes to an end, it is called dissolution of the firm

-------------- is a situation where in existing state of arrangement is changed.

When a liability is assumed by a partner his capital account is ----------

Liabilities to third parties are paid -------------