Practice III. Dissolution of a Partnership Firm - 1.4.3 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.4.3 - III. Dissolution of a Partnership Firm

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is dissolution in the context of a partnership?

💡 Hint: Think about whether the business continues or not.

Question 2

Easy

Name one mode of dissolution of a partnership.

💡 Hint: Consider how partners might decide to end their business.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What happens during the dissolution of a partnership?

  • Only some partners leave
  • Complete closure of business
  • Renaming the partnership

💡 Hint: Focus on whether the partnership continues.

Question 2

True or False: A dissolution can occur by mutual agreement.

  • True
  • False

💡 Hint: Consider if partners can independently choose to end the firm.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Part A: A partnership firm consisting of four partners decides to dissolve. They have assets of ₹80,000 and liabilities of ₹30,000. Calculate the capital amount distributed to the partners if there are no other considerations.

💡 Hint: Focus first on calculating the surplus, and then divide it by the number of partners.

Question 2

Part B: If the partners owe ₹5,000 to a loan and decide to pay it off before distributing their capital among themselves, how does this affect the surplus?

💡 Hint: Always settle debts first to know how much can be shared later.

Challenge and get performance evaluation