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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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The Realisation Account shows a profit of ₹21,000. If the firm has three partners who share profits equally, what amount will be transferred to each partner’s account?

Answer and explanation

Correct answer: ₹7,000

The partners’ profit-sharing ratio is 1:1:1. Therefore, each partner’s share = ₹21,000 ÷ 3 = ₹7,000. Amounts such as ₹6,000 or ₹8,000 would make the total distribution ₹18,000 or ₹24,000, which does not equal the total profit. Exam tip: when partners share equally, divide the total realisation profit by the number of partners.

Related tags

Partnership DissolutionRealisation AccountProfit Sharing RatioEqual SharingPartner AccountsClosing 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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