Accounting Quiz on Partnerships and Accounts

Ending the relationship between partners, but the firm may continue.

Complete termination of the firm and its business operations.

Methods by which a partnership can be dissolved.

Account used to settle the assets and liabilities upon dissolution.

Finalizing the assets, liabilities, and capital among partners after dissolution.

When all partners mutually agree to dissolve the partnership.

Dissolution mandated by legal or financial circumstances.

One partner gives notice to dissolve a partnership at will.

Court orders dissolution of partnership based on specific grounds.

Procedure of paying off losses during dissolution.

Net profits retained in the firm to be distributed upon dissolution.

The ratio in which partners share profits and losses.

Costs incurred during the dissolution process.

Laws governing the dissolution of partnership firms.

Moving the firm's assets to the Realisation Account during dissolution.

Paying off the firm's debts during dissolution.

Assets not previously documented on the books of accounts.

Changing accounts into Realisation Account upon dissolution.

When all partners receive the same amount of profits.

The method of selling firm assets to pay liabilities.

Closing all accounts of the partnership after settlement.

The involvement of the court in dissolving a partnership.

How a partner’s insolvency impacts the dissolution process.

Legal paperwork required to dissolve a partnership.

Process of dividing shared assets among partners.

Obligations that must be settled when dissolving a firm.

Each partner's responsibilities during dissolution.

Handling profit gained from asset realisation during closure.