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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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A partnership firm’s profit of ₹56,000 is to be distributed among the partners in the ratio 4:3:1. What will be the third partner’s share?

Answer and explanation

Correct answer: ₹7,000

The total parts in the profit-sharing ratio are 4 + 3 + 1 = 8. The third partner receives 1 part, so the share is ₹56,000 × 1/8 = ₹7,000. ₹8,000 would result from incorrectly treating the ratio as having 7 total parts. In the exam, always add all ratio terms before calculating an individual share.

Related tags

Partnership AccountsProfit Sharing RatioDissolution Of FirmPartner ShareClosing 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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