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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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On dissolution of a partnership firm, a realisation profit of ₹18,000 was earned. If the partners’ profit-sharing ratio is 2:1, how much will be transferred to the first partner’s account?

Answer and explanation

Correct answer: ₹12,000

Realisation profit is distributed among the partners in their profit-sharing ratio. In the ratio 2:1, the total number of parts is 3; therefore, the first partner’s share = ₹18,000 × 2/3 = ₹12,000. ₹6,000 is the second partner’s share, so it is not correct. Exam tip: Always find the total parts in the profit-sharing ratio before distributing realisation profit or loss.

Related tags

Dissolution Of PartnershipRealisation AccountProfit Sharing RatioClosing The BusinessPartnership AccountingDissolution Of A Partnership FirmAccountancyClass 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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