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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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A and B share profits in the ratio 8:2. If the firm earns a profit of ₹25000, what will be B’s share at the time of dissolution?

Answer and explanation

Correct answer: ₹5000

The total ratio is \(8+2=10\) parts. B is entitled to 2 parts, so B’s share is \(\frac{2}{10}\times ₹25000=₹5000\). The other amounts do not represent 2/10 of the total profit. Exam tip: add the ratio terms first, then multiply the total profit by the concerned partner’s ratio divided by the total ratio.

Related tags

Profit Sharing RatioPartnership DissolutionClosing The BusinessClass 12 AccountancyDissolution 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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