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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessEasy
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Which account is prepared on the dissolution of a partnership firm?

Answer and explanation

Correct answer: Realisation Account

The Realisation Account is prepared on dissolution to record the sale of assets, settlement of liabilities, and the resulting profit or loss. Purchase, Sales, and Salary Accounts relate to routine business transactions and are not the principal account for closing the firm. Exam tip: associate the disposal of assets and settlement of liabilities at dissolution with the Realisation Account.

Related tags

Partnership DissolutionRealisation AccountClosing BusinessAccountancy Class 12Firm DissolutionClosing 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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