Practice Preparation of Accounts - 1.4.3.4 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.4.3.4 - Preparation of Accounts

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the primary purpose of a Realisation Account?

💡 Hint: Think about what happens when a business closes.

Question 2

Easy

Name one key component of Partners' Capital Accounts.

💡 Hint: Consider how partners contribute to the 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 is the main function of a Realisation Account?

  • To track daily expenses
  • To record asset sales during dissolution
  • To manage employee salaries

💡 Hint: Think about what happens when a business closes.

Question 2

True or False: Partners’ Capital Accounts can fluctuate based on profit sharing.

  • True
  • False

💡 Hint: Consider how profits affect each partner's investment.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A partnership has two partners: A and B. Partner A contributed ₹100,000, while Partner B contributed ₹150,000. After one year, due to losses, they decide to close the business, and the Realisation Account shows proceeds of ₹80,000 from the sale of assets. What should be the net distribution based on their capital contributions?

💡 Hint: Calculate based on their original investment proportions.

Question 2

In a partnership, if the Realisation Account eventually has a balance of ₹0 after selling all assets and paying all liabilities, what does that indicate about the financial status of the partnership?

💡 Hint: Consider what settled accounts mean for partners involved.

Challenge and get performance evaluation