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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessMedium
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If the realisation profit on dissolution of a partnership firm is ₹16,000 and the partners’ profit-sharing ratio is 3:1, how much of the profit will be credited to the second partner?

Answer and explanation

Correct answer: ₹4,000

In the 3:1 ratio, the total number of parts is 4, and the second partner is entitled to 1 part. Therefore, the second partner’s share = ₹16,000 × 1/4 = ₹4,000. An amount such as ₹6,000 does not represent the second partner’s 1-part share in a 3:1 ratio. Exam tip: Divide the total profit or loss by the sum of the ratio parts and multiply by the relevant partner’s part.

Related tags

Partnership DissolutionRealisation ProfitProfit Sharing RatioPartners Capital AccountsClosing 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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