Identify the situation when no entry is required in case of dissolution of a partnership firm.
This question was previously asked in
Shift 31/05/2023 3:30 PM - 6:30 PM
A
When a Partner accepts a fixed asset in payment of his dues
B
When partner makes payment of some firm's liability
C
When a creditor accepts a fixed asset in payment of his/her dues
D
When partner's loan is paid by giving some asset
Correct Answer
When a creditor accepts a fixed asset in payment of his/her dues
Detailed Explanation
The situation in which no entry is required in case of the dissolution of a partnership firm is when:
a creditor accepts a fixed asset in payment of their dues (option 3).
In this case, the firm's liability is settled by transferring a fixed asset to the creditor, and no additional accounting entry is needed.
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