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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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On dissolution of a partnership firm, ₹12,000 is available for distribution after paying all liabilities and realization expenses. If the two partners share profits and losses equally, how much will each partner receive?

Answer and explanation

Correct answer: ₹6,000

Since the two partners share equally, the distributable cash is divided by 2: ₹12,000 ÷ 2 = ₹6,000. Therefore, each partner receives ₹6,000. Amounts such as ₹7,000 or ₹8,000 per partner would exceed the total cash available. Exam tip: For equal sharing, each partner’s amount equals the total distributable cash divided by the number of partners.

Related tags

Partnership DissolutionCash DistributionEqual SharingRealization ExpensesClosing 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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