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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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On dissolution of the firm, a gain of ₹4500 arises from the settlement of liabilities and a loss of ₹2500 arises from the sale of assets. What will be the net result?

Answer and explanation

Correct answer: ₹2000 का लाभ

The gain on settlement of liabilities is ₹4500, while the loss on the sale of assets is ₹2500. Therefore, the net result is ₹4500 − ₹2500 = ₹2000 profit. A ₹2000 loss would arise only if the loss exceeded the gain. In the exam, offset the realization gains and losses to determine the final net result.

Related tags

Partnership DissolutionRealization AccountSettlement Of LiabilitiesSale Of AssetsNet ProfitClosing The BusinessDissolution Of A Partnership FirmAccountancy
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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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