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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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On dissolution of a partnership firm, if an unrecorded asset is sold for ₹15,000, what will be the effect in the Realisation Account?

Answer and explanation

Correct answer: Credit ₹15,000

An unrecorded asset is generally not transferred to the Realisation Account. When it is sold, the sale proceeds of ₹15,000 are credited to the Realisation Account. Therefore, option A is correct. The debit side records the transfer of recorded assets and realisation expenses, not the sale proceeds. Exam tip: remember that proceeds from the sale of an asset are credited to the Realisation Account.

Related tags

Dissolution Of PartnershipRealisation AccountUnrecorded AssetClosing The BusinessPartnership AccountingDissolution 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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