Practice Settlement of Accounts (As per Section 48 of Partnership Act) - 1.4.3.3 | ICSE Class 12 Accounts – Chapter 1: Partnership | ICSE Class 12 Accounts
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1.4.3.3 - Settlement of Accounts (As per Section 48 of Partnership Act)

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is the first step in the settlement of accounts upon dissolution?

💡 Hint: Think about what needs to happen before paying off debts.

Question 2

Easy

List the order of payment for liabilities during settlement.

💡 Hint: Remember the acronym E-D-L-C.

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 first step in the settlement of partnership accounts?

  • Pay debts
  • Realise assets
  • Distribute surplus

💡 Hint: Think about what needs to happen before any payments.

Question 2

True or False: Surplus is distributed before capital repayment.

  • True
  • False

💡 Hint: Refer to the proper order of liabilities.

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Challenge Problems

Push your limits with challenges.

Question 1

A partnership of three partners has Rs. 150,000 in assets, Rs. 100,000 in debts, and has just realized Rs. 140,000 from asset sales. Calculate how much each partner receives if they share profits equally after settling liabilities.

💡 Hint: Start by paying the debts then divide the remaining total.

Question 2

Illustrate the steps taken in a Realisation Account for a hypothetical partnership that has both sales and payments to process. Include at least five transactions.

💡 Hint: Outline sales first, followed by payments made and concluding totals.

Challenge and get performance evaluation