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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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In the dissolution of a firm, in which ratio is the profit arising from the Realisation Account distributed among the partners?

Answer and explanation

Correct answer: Old profit-sharing ratio

Profit arising from the Realisation Account is transferred to the partners’ capital accounts in their old profit-sharing ratio. The capital ratio is not used because the amount of capital does not determine the distribution of realisation profit unless the partnership agreement specifically provides otherwise. Exam tip: Both realisation profit and realisation loss are distributed in the old profit-sharing ratio.

Related tags

Partnership DissolutionRealisation AccountProfit Sharing RatioClosing BusinessPartnership AccountsClosing 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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