Question Tag: Dissolution

Search 500 + past questions and counting.

FA – May 2012 – L1 – SB – Q2 – Partnership Accounts

Partnership business dissolution with the necessary ledger accounts.

Question

Tap, Sea, Air, and River are in partnership business sharing profits and losses in the ratio 8:5:4:3, respectively. Their Statement of Financial Position was as follows as at 1 January 2009:

On the date of the statement, the business was brought to an end, and the assets realized as follows:

Assets Realized	N’000
Motor Vehicles	60,000
Plant and Machinery	60,000
Furniture and Fittings	52,500
Inventories	15,300
Accounts Receivable	9,450

Dissolution expenses amounted to N22,500,000. Air became bankrupt and could only pay 40k for every N100 owed. The other partners were solvent, and the amount was collected from Air’s administrator. Cash was returned to or received from partners as appropriate.

You are required to:
(a) State the ways in which the amount owed by Air will be absorbed by the other partners. (3 Marks)
(b) Show the necessary ledger accounts to close the partnership’s books.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Ledger Accounts, Partnership Business
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

Question

In partnership dissolution, what are the necessary accounting entries to record an asset taken over by a partner?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Entries, Assets, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2012

BL – May 2013 – L1 – SA – Q18 – Partnership Law

This question tests the factors leading to the dissolution of a partnership.

Question

Which of the following does NOT lead to dissolution of a partnership?

A. Bankruptcy of a partner
B. Death of a partner
C. A partner causing his shares of the partnership to be charged for his separate debt
D. Unlimited duration
E. The happening of any event which makes the business of the firm to be unlawful

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Nigerian Law, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2014 – L1 – SA – Q11 – Partnership Account

This question tests knowledge of methods for calculating interim distribution payments during partnership dissolution.

Question

State TWO methods of calculating the interim distribution payments in piecemeal realisation of partnership business assets on dissolution.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Distribution Methods, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

FA – May 2014 – L1 – SA – Q14 – Partnership Account

Identifies the account used for recording the sale of assets during partnership dissolution.

Question

In partnership business, the account maintained to determine the profit or loss arising from the sale of assets on dissolution is called
A. Revaluation Account
B. Asset Disposal Account
C. Profit or Loss Account
D. Receipt and Payment Account
E. Realisation Account

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Disposal, Dissolution, Partnership, Realisation Account
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts

Preparation of ledger accounts for the dissolution of Fina and Funke's partnership.

Question

Fina and Funke, who are in partnership sharing profits and losses in a ratio of 2:1, decided to dissolve the partnership on 31 December 2012. At that date, their statement of financial position is as follows:

Statement of Financial Position as at 31 December 2012

The partners were unable to dispose of the business as a going concern but sold the non-current assets and inventory for N483,750. Trade receivables were collected in full, and the outstanding suppliers gave discounts totaling N1,250, while the dissolution expenses amounted to N10,000.

You are required to:
Prepare necessary ledger accounts to close the books of Fina and Funke.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Ledger Accounts, Partners’ Capital, Partnership, Realisation Account
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2013

BL – May 2021 – L1 – SA – Q4 – Partnership Law

Identifying the condition that revokes the power of a partner to bind the firm.

Question

The power of a partner to bind the firm is revoked by

A. Amortisation
B. Merger
C. Restructuring
D. Dissolution
E. Articulation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Firm, Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2021

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

Question

In which of the following situations is partners’ current accounts NOT required?
A. First year of the partnership business
B. Dissolution of partnership
C. Change in partners’ profit sharing ratio
D. Admission of a partner
E. Retirement of a partner

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2021

BL – Nov 2019 – L1 – SB – Q2b – Partnership Law

Explaining the order of applying firm’s properties upon the dissolution of a partnership.

Question

Partnership can be dissolved by the partners for various reasons and also by court order.
Required:
Explain briefly the order of application of the firm’s properties upon dissolution of a partnership. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Firm’s properties, Order of application, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2019

FA – May 2012 – L1 – SB – Q2 – Partnership Accounts

Partnership business dissolution with the necessary ledger accounts.

Question

Tap, Sea, Air, and River are in partnership business sharing profits and losses in the ratio 8:5:4:3, respectively. Their Statement of Financial Position was as follows as at 1 January 2009:

On the date of the statement, the business was brought to an end, and the assets realized as follows:

Assets Realized	N’000
Motor Vehicles	60,000
Plant and Machinery	60,000
Furniture and Fittings	52,500
Inventories	15,300
Accounts Receivable	9,450

You are required to:
(a) State the ways in which the amount owed by Air will be absorbed by the other partners. (3 Marks)
(b) Show the necessary ledger accounts to close the partnership’s books.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Ledger Accounts, Partnership Business
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2012

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

Question

In partnership dissolution, what are the necessary accounting entries to record an asset taken over by a partner?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Entries, Assets, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2012

BL – May 2013 – L1 – SA – Q18 – Partnership Law

This question tests the factors leading to the dissolution of a partnership.

Question

Which of the following does NOT lead to dissolution of a partnership?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Nigerian Law, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2013

FA – May 2014 – L1 – SA – Q11 – Partnership Account

This question tests knowledge of methods for calculating interim distribution payments during partnership dissolution.

Question

State TWO methods of calculating the interim distribution payments in piecemeal realisation of partnership business assets on dissolution.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Distribution Methods, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

FA – May 2014 – L1 – SA – Q14 – Partnership Account

Identifies the account used for recording the sale of assets during partnership dissolution.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Disposal, Dissolution, Partnership, Realisation Account
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2014

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

Question

The death of a partner leads to

A. Amendment of the partnership register
B. Change in the partnership business
C. Sharing of profit
D. Dissolution of partnership
E. Sharing of business information

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Multiple Choice, Partner's Death, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2013

FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts

Preparation of ledger accounts for the dissolution of Fina and Funke's partnership.

Question

Statement of Financial Position as at 31 December 2012

You are required to:
Prepare necessary ledger accounts to close the books of Fina and Funke.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Ledger Accounts, Partners’ Capital, Partnership, Realisation Account
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: NOV 2013

BL – May 2021 – L1 – SA – Q4 – Partnership Law

Identifying the condition that revokes the power of a partner to bind the firm.

Question

The power of a partner to bind the firm is revoked by

A. Amortisation
B. Merger
C. Restructuring
D. Dissolution
E. Articulation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Firm, Partnership, Partnership Law
Level: Level 1

Topic: Partnership Law
Series: MAY 2021

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Current Account, Dissolution, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2021

BL – Nov 2019 – L1 – SB – Q2b – Partnership Law

Explaining the order of applying firm’s properties upon the dissolution of a partnership.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Dissolution, Firm’s properties, Order of application, Partnership
Level: Level 1

Topic: Partnership Law
Series: NOV 2019

Question Tag: Dissolution

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – May 2012 – L1 – SB – Q2 – Partnership Accounts

Partnership business dissolution with the necessary ledger accounts.

You're reporting an error for "FA – May 2012 – L1 – SB – Q2 – Partnership Accounts"

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts"

BL – May 2013 – L1 – SA – Q18 – Partnership Law

This question tests the factors leading to the dissolution of a partnership.

You're reporting an error for "BL – May 2013 – L1 – SA – Q18 – Partnership Law"

FA – May 2014 – L1 – SA – Q11 – Partnership Account

This question tests knowledge of methods for calculating interim distribution payments during partnership dissolution.

You're reporting an error for "FA – May 2014 – L1 – SA – Q11 – Partnership Account"

FA – May 2014 – L1 – SA – Q14 – Partnership Account

Identifies the account used for recording the sale of assets during partnership dissolution.

You're reporting an error for "FA – May 2014 – L1 – SA – Q14 – Partnership Account"

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q16 – Partnership Law"

FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts

Preparation of ledger accounts for the dissolution of Fina and Funke's partnership.

You're reporting an error for "FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts"

BL – May 2021 – L1 – SA – Q4 – Partnership Law

Identifying the condition that revokes the power of a partner to bind the firm.

You're reporting an error for "BL – May 2021 – L1 – SA – Q4 – Partnership Law"

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

You're reporting an error for "FA – May 2021 – L1 – SA – Q12 – Partnership Accounts"

BL – Nov 2019 – L1 – SB – Q2b – Partnership Law

Explaining the order of applying firm’s properties upon the dissolution of a partnership.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q2b – Partnership Law"

FA – May 2012 – L1 – SB – Q2 – Partnership Accounts

Partnership business dissolution with the necessary ledger accounts.

You're reporting an error for "FA – May 2012 – L1 – SB – Q2 – Partnership Accounts"

FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts

Identifying the necessary accounting entries when a partner takes over an asset upon dissolution.

You're reporting an error for "FA – Nov 2012 – L1 – SA – Q29 – Partnership Accounts"

BL – May 2013 – L1 – SA – Q18 – Partnership Law

This question tests the factors leading to the dissolution of a partnership.

You're reporting an error for "BL – May 2013 – L1 – SA – Q18 – Partnership Law"

FA – May 2014 – L1 – SA – Q11 – Partnership Account

This question tests knowledge of methods for calculating interim distribution payments during partnership dissolution.

You're reporting an error for "FA – May 2014 – L1 – SA – Q11 – Partnership Account"

FA – May 2014 – L1 – SA – Q14 – Partnership Account

Identifies the account used for recording the sale of assets during partnership dissolution.

You're reporting an error for "FA – May 2014 – L1 – SA – Q14 – Partnership Account"

BL – Nov 2013 – L1 – SA – Q16 – Partnership Law

Identifies the impact of a partner's death on a partnership.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q16 – Partnership Law"

FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts

Preparation of ledger accounts for the dissolution of Fina and Funke's partnership.

You're reporting an error for "FA – Nov 2013 – L1 – SB – Q4 – Partnership Accounts"

BL – May 2021 – L1 – SA – Q4 – Partnership Law

Identifying the condition that revokes the power of a partner to bind the firm.

You're reporting an error for "BL – May 2021 – L1 – SA – Q4 – Partnership Law"

FA – May 2021 – L1 – SA – Q12 – Partnership Accounts

Identify a scenario where partners’ current accounts are not required.

You're reporting an error for "FA – May 2021 – L1 – SA – Q12 – Partnership Accounts"

BL – Nov 2019 – L1 – SB – Q2b – Partnership Law

Explaining the order of applying firm’s properties upon the dissolution of a partnership.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q2b – Partnership Law"

Our offerings

Contact Info

Customer

Get In Touch

admin