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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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On dissolution of a partnership firm, the realisation profit is ₹36,000 and the profit-sharing ratio of the three partners is 5:4:3. What will be the second partner’s share of the profit?

Answer and explanation

Correct answer: ₹12,000

The total profit-sharing parts are 5 + 4 + 3 = 12. The second partner is entitled to 4 parts, so the share is ₹36,000 × 4/12 = ₹12,000. ₹15,000 represents the first partner’s share for 5 parts, not the second partner’s share. Exam tip: Distribute realisation profit or loss among partners in their profit-sharing ratio.

Related tags

Partnership DissolutionRealisation ProfitProfit Sharing RatioAccounting Class 12Closing 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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