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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessEasy
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What is done with the books of account when a partnership firm is dissolved?

Answer and explanation

Correct answer: They are closed

On dissolution, the firm’s business is wound up by realising assets, paying liabilities and settling the partners’ accounts. After these adjustments, the firm’s books of account are closed. They are neither sold nor ignored. Exam tip: Dissolution means the complete closure of the firm’s business, not merely a change in the partnership relationship.

Related tags

Partnership DissolutionClosing BusinessAccounting BooksRealisation AccountClosing The BusinessDissolution 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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