Get Started
Start Free Mocks
CUETMOCK

Ace Your

CUET Preparation Today

Start Free Mocks
Home Questions Z4HE9MYSBZ
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

Match the following list 1 with list 2 regarding the dissolution process of partnership firm.

LIST 1 LIST 2
A) Realisation A/c I) 1st Step
B) Partner's loan A/c II) 2nd step
C) Partner's Capital A/c III) 3rd step
D) Bank A/c IV) 4th step

Choose the correct answer from the options given below.

Options:

A-I, B-II, C-III, D-IV

A-IV, B-III, C-II, D-I

A-II, B-I, C-III, D-IV

A-II, B-I, C-IV, D-III

Correct Answer:

A-I, B-II, C-III, D-IV

Explanation:

The correct answer is option 1- A-I, B-II, C-III, D-IV.

LIST 1 LIST 2
A) Realisation A/c I) 1st Step
B) Partner's loan A/c II) 2nd step
C) Partner's Capital A/c III) 3rd step
D) Bank A/c IV) 4th step

First of all, realization account is prepared to realize the assets and liabilities. After the realisation of assets partner's loan is settled so the partner's loan is made at the second number. After partner's loan account partner's capital account is settled so their capital account is made. At last bank or cash account is made. No balance is left in cash or bank account as all the claims of the firm are settled.

CUET Questions