Procedure of settlement of accounts - class-XII
Description: procedure of settlement of accounts | |
Number of Questions: 35 | |
Created by: Amish Majumdar | |
Tags: partnership account (dissolution of partnership) dissolution of partnership firm book keeping and accountancy disolution of a partnership firm dissolution of firm accountancy dissolution of a partnership firm |
At the time of dissolution of the firm, loan from partners relative is _________ .
On dissolution, all assets are transferred to realization account at ________.
When a firm is dissolved, Goodwill a/c is closed by transferring to:
Provision for bad and doubtful debts appearing in the books at the time of dissolution of firm is transferred to :
On the dissolution of a firm, loan from the wife of a partner is treated as ____________.
Which of the following is not a correct statement?
What journal entry is passed for realising assets to provide cash for payment of liabilities?
Which of these is not a method of accounting treatment of premium on joint life policy?
_________ is the main objective of joint life policy.
All external liability accounts including provisions, if any, are closed by transferring them to the credit of _________ account.
Select the most appropriate alternative from those given below:
Drawing account is closed by transferring the balance to the ______ account.
The journal entry for transfer of assets is ______________________.
Premium paid on the life policy of the proprietor should be debited to Insurance Premium Account.
Application to court for dissolution of a firm can be made :
_________ is created to provide funds for payment to the legal heir of the deceased partner.
Dissolution of partnership between all the partners of the firm is called __________.
Under the Partnership Act, on which of these grounds a partner of a firm may sue for dissolution of the firm :
Which of the following will result in dissolution of firm?
According to the Partnership Act, which of this statement about the dissolution of the partnership is true.
Under section $44$ of the Partnership Act, a firm may be dissolved on happening of certain contingencies like :
Non-registration of firm does not effect :
A and B were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. A supplies goods to the value of 50,000 and incurs expenses amounting to 5,400. B supplies goods to the value of 14,000 and his expenses amount to 800, B sells goods at 87,400. B settles his account by bank draft. What will be the profit on venture?
It is uncommon to find for realization account :
Dissolution of partnership means :
If a partner cannot clear his debts on dissolution, the other partners must clear these debts in the following manner:
Garner Vs Murray requires _________.
When balance sheet prepared after the new partnership assets and liabilities are recorded at :
Where the continuing partners carry on the business of the firm, the dead partner whose claim is not settles, his executor -
X. is entitled to share of profits since date of cessation as partner.
Y. is not entitled to claim anything other than unsettled amount.
Z. is entitled to $6\%$ interest p.a on the unsettled amount.
Select the correct answer from the options given below.
In which of the following case Garner v Murray rule is NOT applicable?
1. Only one partner is solvent.
2. All partners are insolvent.
3. When partnership deed provides a specific method to be followed in case of insolvency of a partner
Select the correct answer from the options given below-
The amount due to the retiring partner can be made by ________.
A partner gave a loan of Rs.20,000 to the firm. At the time of dissolution of the firm the net losses of the firm were 30,000. How much money will the partner get on dissolution?
X, Y, Z are partners sharing profits and losses equally. They took a joint life policy of Rs 5,00,000 with a surrender value of Rs 3,00,000. The firm treats the insurance premium as an expense. Y retired and X and Z decided to share profits and losses in 2:1. The amount of Joint life policy will be transferred as:
Claim of the retiring partner is payable in the following form.
A, B, & C were partners sharing profits and losses in the ratio of 3:2:1 A Retired and firm received the joint life policy as 7,500 appearing in the balance sheet at 10,000 JLP is credited and cash debited 7,500 what will be the treatment for the balance in Joint Life Policy?
A, B & C takes a joint life policy, after 5 years B retire from the firm. Old profit sharing ratio is 2:2:1. After retirement A and C decided to share profits equally. They had taken a joint life policy of 2,50,000 with the surrender value 50,000 What will be the treatment in the partner's capital account on receiving the JLP amount if joint life policy is maintained at the surrender value along with the reserve?