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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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Upon dissolution of a partnership firm, a realisation profit of ₹27,000 is to be distributed between the partners in the ratio of 1:2. What will be the first partner’s share of the profit?

Answer and explanation

Correct answer: ₹9,000

The ratio 1:2 has 3 total parts, and the first partner is entitled to 1 part. Therefore, the first partner’s share = ₹27,000 × 1/3 = ₹9,000. Exam tip: divide the profit by the sum of the ratio terms and multiply by the relevant partner’s term.

Related tags

Partnership DissolutionRealisation ProfitProfit Sharing RatioAccounting CalculationsClosing The BusinessDissolution 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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