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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessEasy
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At the time of dissolution, if the firm’s stock is sold for ₹12,000, what amount will be realised from the stock?

Answer and explanation

Correct answer: ₹12,000

The amount realised from an asset is its actual selling price. Since the stock is sold for ₹12,000, the amount realised is ₹12,000. The other amounts would be possible only if a discount, expense, or different selling price were specified. Exam tip: During dissolution, the sale proceeds of an asset are credited to the Realisation Account.

Related tags

Partnership DissolutionRealisation AccountStock SaleClosing BusinessAccountancyClosing The BusinessDissolution Of A Partnership FirmClass 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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