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Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessExpert
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At the time of closing the firm, a profit of ₹21,000 is to be distributed among three partners in the ratio 1:1:1. What will be each partner’s share of profit?

Answer and explanation

Correct answer: ₹7,000

A ratio of 1:1:1 means that all three partners receive equal shares. The total ratio is 1 + 1 + 1 = 3; therefore, each partner’s share is ₹21,000 ÷ 3 = ₹7,000. Amounts such as ₹6,000 or ₹8,000 would not make the three shares total ₹21,000. Exam tip: For equal sharing, divide the total profit by the number of partners.

Related tags

Partnership AccountsDissolution Of FirmProfit Sharing RatioClosing BusinessClass 12 AccountancyClosing 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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