Dissolution of partnership - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2017

Changes can occur in partnership when:
i. partnership is dissolved
ii. There is amalgamation of partnership
iii.There is a change in the profit or loss sharing ratio
Iv. Intangible asset increase

A. I,II and IV
B. I & III
C. I,II and III
D. I, III and IV

Question 12:

• JAMB 2017

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

A. II and IV only
B. I,II and IV only
C. I,II and III only
D. II,III and IV only

Question 13:

• JAMB 2018

What act generally includes completing unfinished partnership business, collecting and paying debts, collecting partnership assets to be turned into cash and taking inventory?

A. Formation
B. Dissolution
C. Winding up
D. Termination