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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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If assets with a book value of ₹125000 are sold for ₹119000 and realisation expenses are ₹2000 what is the overall realisation result?

Answer and explanation

Correct answer: ₹8000 Loss

There is a sale loss of ₹6000 and expenses of ₹2000 making total loss ₹8000. Combine both effects in such questions.

Related tags

Closing BusinessRealisation-LossNumericalClosing 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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