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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessEasy
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On dissolution of the firm, a machine is sold for ₹15,000 in cash. How much cash will the firm receive from this transaction?

Answer and explanation

Correct answer: ₹15,000

The machine is sold for ₹15,000 and the sale is explicitly stated to be for cash, so the firm receives ₹15,000. No brokerage, selling expense, or outstanding amount is given; therefore, no deduction is made. Exam tip: when an asset is sold for cash, the cash received is generally equal to its sale price unless additional expenses are specified.

Related tags

Partnership DissolutionRealisation AccountAsset SaleCash ReceivedClosing BusinessClosing The BusinessDissolution Of A Partnership FirmAccountancy
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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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