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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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If the total credit side of the Realisation Account is ₹1,28,000 and the total debit side is ₹1,34,000, what will be the result?

Answer and explanation

Correct answer: ₹6,000 की हानि

In the Realisation Account, the debit side is ₹1,34,000 and the credit side is ₹1,28,000. Since the debit side exceeds the credit side, there is a loss of ₹1,34,000 − ₹1,28,000 = ₹6,000. This loss is transferred to the partners’ capital accounts in their profit-sharing ratio. Exam tip: A higher credit total indicates a realisation profit, while a higher debit total indicates a realisation loss.

Related tags

AccountancyPartnership DissolutionRealisation AccountClosing EntriesAccounting CalculationsClosing The BusinessDissolution Of A Partnership FirmClass 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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