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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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At the time of dissolution, a machine has a book value of ₹32,000 and is sold for ₹35,000. What is the profit on this sale?

Answer and explanation

Correct answer: ₹3,000

Profit = Sale value − Book value = ₹35,000 − ₹32,000 = ₹3,000. Therefore, ₹3,000 is the correct answer. On dissolution, the profit arising from the sale of an asset is recorded through the Realisation Account. In such questions, always calculate the difference between the sale value and the book value.

Related tags

Dissolution Of PartnershipRealisation AccountAsset SaleBook ValueProfit CalculationClosing 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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