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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessEasy
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Who operates the firm’s ordinary business after the dissolution of the firm?

Answer and explanation

Correct answer: No one

After dissolution, the firm’s ordinary business comes to an end, so no one operates it. Former partners may carry out winding-up activities, such as realising assets and paying liabilities, but this is not the operation of the ordinary business. Exam tip: Dissolution ends the firm’s business and begins the winding-up process.

Related tags

Dissolution Of PartnershipClosing The BusinessWinding UpPartnership FirmDissolution Of A Partnership FirmAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the process of permanently closing a partnership firm and ending its existence called?
  2. 2Which account is prepared at the time of dissolution of a firm to determine the profit or loss arising from the settlement of its assets and external liabilities?
  3. 3What is generally done with the assets of a partnership firm at the time of its dissolution?
  4. 4On dissolution of a partnership firm, from what are the external liabilities generally paid?
  5. 5To which account is the realisation profit transferred?
  6. 6To which account is the realisation loss transferred?
  7. 7What happens to the existence of the firm after dissolution?
  8. 8Dissolution expenses are generally debited to which account?
  9. 9At the time of dissolution, if an asset is sold for ₹10,000, what amount will be credited to the Realisation Account?
  10. 10On dissolution of a firm, to whom is the final cash balance paid after settling outside liabilities and other amounts due?
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