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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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At the time of dissolution, an asset with a book value of ₹36000 was sold for ₹39000. What profit arose from this transaction?

Answer and explanation

Correct answer: ₹3000

Profit on the realization of an asset is calculated as: Sale proceeds − Book value. Therefore, profit = ₹39000 − ₹36000 = ₹3000, so option C is correct. ₹2500 and the other amounts do not represent the actual difference. In exams, remember that selling an asset above its book value results in a profit, while selling it below book value results in a loss.

Related tags

Partnership DissolutionRealization AccountAsset SaleProfit CalculationClosing 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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