- 1 Marks
FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts
Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.
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Which of the following does NOT lead to dissolution of a partnership?
A. Bankruptcy of a partner
B. Death of a partner
C. A partner causing his shares of the partnership to be charged for his separate debt
D. Unlimited duration
E. The happening of any event which makes the business of the firm to be unlawful
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Find Related Questions by Tags, levels, etc.
In partnership business, the account maintained to determine the profit or loss arising from the sale of assets on dissolution is called
A. Revaluation Account
B. Asset Disposal Account
C. Profit or Loss Account
D. Receipt and Payment Account
E. Realisation Account
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Find Related Questions by Tags, levels, etc.
Fina and Funke, who are in partnership sharing profits and losses in a ratio of 2:1, decided to dissolve the partnership on 31 December 2012. At that date, their statement of financial position is as follows:
Statement of Financial Position as at 31 December 2012
The partners were unable to dispose of the business as a going concern but sold the non-current assets and inventory for N483,750. Trade receivables were collected in full, and the outstanding suppliers gave discounts totaling N1,250, while the dissolution expenses amounted to N10,000.
You are required to:
Prepare necessary ledger accounts to close the books of Fina and Funke.
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Find Related Questions by Tags, levels, etc.
In which of the following situations is partners’ current accounts NOT required?
A. First year of the partnership business
B. Dissolution of partnership
C. Change in partners’ profit sharing ratio
D. Admission of a partner
E. Retirement of a partner
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Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Which of the following does NOT lead to dissolution of a partnership?
A. Bankruptcy of a partner
B. Death of a partner
C. A partner causing his shares of the partnership to be charged for his separate debt
D. Unlimited duration
E. The happening of any event which makes the business of the firm to be unlawful
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
In partnership business, the account maintained to determine the profit or loss arising from the sale of assets on dissolution is called
A. Revaluation Account
B. Asset Disposal Account
C. Profit or Loss Account
D. Receipt and Payment Account
E. Realisation Account
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Fina and Funke, who are in partnership sharing profits and losses in a ratio of 2:1, decided to dissolve the partnership on 31 December 2012. At that date, their statement of financial position is as follows:
Statement of Financial Position as at 31 December 2012
The partners were unable to dispose of the business as a going concern but sold the non-current assets and inventory for N483,750. Trade receivables were collected in full, and the outstanding suppliers gave discounts totaling N1,250, while the dissolution expenses amounted to N10,000.
You are required to:
Prepare necessary ledger accounts to close the books of Fina and Funke.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
In which of the following situations is partners’ current accounts NOT required?
A. First year of the partnership business
B. Dissolution of partnership
C. Change in partners’ profit sharing ratio
D. Admission of a partner
E. Retirement of a partner
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
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