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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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On dissolution of the firm, the Realisation Account shows a profit of ₹27000. If the three partners share profits in the ratio 2:2:5, what share of the realisation profit will be credited to the third partner?

Answer and explanation

Correct answer: ₹15000

A profit on the Realisation Account is distributed among the partners in their profit-sharing ratio. Total parts = 2 + 2 + 5 = 9, and the third partner's share is 5 parts. Therefore, his share = ₹27000 × 5/9 = ₹15000. An amount such as ₹16000 results from applying the ratio incorrectly. Exam tip: Always add the total ratio parts before calculating an individual partner's share.

Related tags

DissolutionRealisation AccountProfit Sharing RatioPartnership AccountingClosing 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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