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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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After paying all outside liabilities and realization expenses, the distributable final cash balance of a partnership firm is ₹18,000. If partners A and B have equal claims, how much will A receive?

Answer and explanation

Correct answer: ₹9,000

The final cash balance is divided equally between the two partners. Therefore, A’s share = ₹18,000 ÷ 2 = ₹9,000. Amounts such as ₹8,000 or ₹10,000 do not satisfy the condition of equal claims. Exam tip: At dissolution, distribute the cash available at the end in the ratio of the partners’ claims; equal claims mean equal shares.

Related tags

Partnership DissolutionClosing The BusinessFinal Cash BalancePartners ClaimsCash DistributionDissolution 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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