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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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On the dissolution of a partnership firm, a realisation loss of ₹18,000 was incurred. If the partners share profits in the ratio 2:1, what amount of the loss will be debited to the first partner’s capital account?

Answer and explanation

Correct answer: ₹12,000

A realisation loss is shared among partners in their profit-sharing ratio. The total parts are \(2+1=3\), so the first partner’s share is \(₹18,000 \times \frac{2}{3}=₹12,000\). ₹9,000 would result from an equal division, which ignores the 2:1 ratio. Exam tip: Always distribute realisation profit or loss in the partners’ profit-sharing ratio.

Related tags

Partnership DissolutionRealisation LossProfit Sharing RatioCapital AccountAccountancy NumericalClosing 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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