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In case of dissolution ,assets are tr...

In case of dissolution ,assets are transferred to realisation Account :

A

At Book value

B

At market Value

C

Cost or market Value , Whichever is lower

D

None of the above

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The correct Answer is:
A
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Pass Journal entries for the following transactions on the dissolution of the firm of T and P after various assets (other than cash) and outside liabilities have been transferred to Realisation Account : (i) Bank Loan ₹ 34 , 000 was paid. (ii) Furniture worth ₹ 70 , 000 was taken by partner T at ₹ 43 , 000 . (iii) Partner P agreed to pay a creditor ₹ 7,500 . (iv) A computer previously written off fully , realised ₹ 3, 900. (v) Expenses of realisation ₹ 3, 200 were paid by partner T . (vi) Profit on realisation ₹ 4 , 800 was distributed between T and P in 5 : 3 ratio .

DK GOEL-DISSOLUTION OF A PARTNERSHIP FIRM-MULTIPLE CHOICE QUESTIONS
  1. On Dissolution of the firm , amount received from sale of unreco...

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  2. On dissolution ,when a patner takes over an asset ………… is debited

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  3. In case of dissolution ,assets are transferred to realisation Ac...

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  4. On dissolution, the balance of a partner's capital account appear...

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  5. On dissolution partner's Loan transferred to :

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  6. Sundry creditors amounted to Rs, 8,000 These were paid at a disco...

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  7. There was an Unrecorded asset of Rs, 2,000 which was taken over ...

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  8. On Dissolution of a firm , an unrecorded furniture of the value o...

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  9. On the basis of following data final payments to a partner on fir...

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

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  11. An Unrecorded asset was valued at Rs, 1,00,000. On firm 's Dissolu...

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  12. On firm 's Dissolution , a Partner undertook firm 's Creditors at R...

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  13. On Dissolution , losses are first of all met :

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

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  15. While transferring assets to realisation account ………………. Is omitte...

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  16. If total assets areRs, 2,00,000 total liabilities are Rs, 40,000 amo...

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  17. On dissolution of a firm , debtors were Rs. 17,000 Of these Rs, ...

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  18. In the Balance sheet Total debtors appear at Rs.50,000 and Prov...

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  19. How much amount will be paid to creditors for Rs, 25,000 if Rs, ...

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  20. P, a partner , is to bear all expenses of realisation for which he...

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