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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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The book value of a firm's debtors was ₹60000, but only ₹54000 was realised from them at the time of dissolution. What is the loss on debtors?

Answer and explanation

Correct answer: ₹6000

Loss on debtors = Book value − Amount realised = ₹60000 − ₹54000 = ₹6000. Therefore, option C is correct. The ₹54000 is the amount realised, while the shortfall of ₹6000 is the loss. Exam tip: On dissolution, compare the book value of the asset with the actual amount realised to determine the realisation loss or profit.

Related tags

Partnership DissolutionRealisation AccountDebtorsLoss CalculationAccountancy Class 12Closing 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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