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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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At the time of dissolution, a partner takes over a machine with a book value of ₹30,000 for ₹28,000. What will be the result in the Realisation Account?

Answer and explanation

Correct answer: Loss of ₹2,000

The machine has a book value of ₹30,000, but the partner takes it over at ₹28,000. Thus, the Realisation Account is debited with ₹30,000 and credited with ₹28,000, resulting in a loss of ₹2,000. A profit of ₹2,000 would arise only if the takeover value exceeded the book value. Exam tip: Loss on takeover = Book value − Takeover value.

Related tags

Dissolution Of PartnershipRealisation AccountAsset TakeoverPartnership AccountingClosing BusinessClosing 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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