Class XII

Ram, Mohan and Sohan are partner, Shyam one friend of Mohan has advanced a loan to the firm of ₹2,00,000 and Ram has advanced a loan of ₹1,00,000. How loan of Shyam is to be paid back at the time of dissolution?
  1. -------------------------------------------------------------------------------- After paying the loan of Ram
  2. Both After paying final payment to partners and After paying the loan of Ram
  3. After paying final payment to partners
  4. On priority basis
Creditor’s paid ₹58000 in full settlement of 65000. By what amount Bank account should be credited
  1. 58000 ----------------------------------------- ₹58000
  2. ₹65000
  3. ₹8000
  4. ₹7000
Choose the current order of priority in settlement of liabilities and capital upon dissolution from items given below: (a) Expense incurred on realization of assets such as commission, cartage, brokerage etc. (b) All outside creditors (c) Balances in Capital Accounts of partners (d) Partner’s Loan accounts Correct sequence is
  1. -------------------------------------------------------------------------------- a,c,b,d
  2. a,c,d, b
  3. a, b, d,c
  4. a,b,c,d
Following accounts will be shown on debit side of Realisation Account except
  1. Cash Payments of Liabilities
  2. Cash Received from Sale of Assets
  3. Realisation Expenses
  4. If any partner has taken over any liability,
Name the Account which is prepared for finding the profit or loss on getting amount from selling of all assets and paying amount of liabilities.
  1. -------------------------------------------------------------------------------- Cr.Side of Revaluation Account
  2. Dr. side of Realisation Account
  3. Dr. side of Revaluation Account
  4. Realisation Account
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LKG - 12th

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