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Dissolution Realization Quiz

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Dissolution Realization Quiz

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Quiz on dissolution and realization accounting.

Created by

Sabih Kamal
Sabih Kamal
Pakistan

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Dissolution Realization Quiz
 

Dissolution Realization QuizOnline version

Quiz on dissolution and realization accounting.

by Sabih Kamal
1

Realization Profit: Assets with a book value of 80,000 are sold for 95,000. Costs of dissolution are 2,000. Calculate the Net Profit on Realization.

Written answer

2

Asset Takeover: A partner takes over a business car (Book Value 6,000) at an agreed value of 4,500. What amount is debited to his Capital Account?

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3

Liability Settlement: Trade Payables are 30,000. They are settled at a 5% discount. What is the actual cash paid to creditors?

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4

Partner's Loan: Partner Ali has a loan to the firm of 10,000. On dissolution, how much of this loan is transferred to the Realization Account?

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5

Realization Loss: Assets (BV 50,000) are sold for 42,000. Dissolution expenses are 1,000. Calculate the Total Loss on Realization.

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6

Capital Deficiency: Partner C’s capital is (4,000) debit. If he is insolvent, and A and B share profits equally, how much must Partner A contribute to cover C?

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7

Final Cash Available: Opening Cash 5,000 + Sale of Assets 60,000 - Payment of Liabilities 20,000. What is the total cash available for partners?

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8

Unrecorded Asset: A previously written-off bad debt of 3,500 is unexpectedly recovered in cash during dissolution. What is the gain to be credited to Realization?

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9

Creditor Payment: Total Assets 100,000; Total Liabilities 40,000. If assets realize only 35,000, how much cash is left for partners after paying creditors?

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10

Final Payout: Partner B has Capital of 25,000. His share of Realization Profit is 4,500. He owes 2,000 for an asset taken over. Find his final cash payout.

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