Realisation expenses are incurred in connection with the dissolution of the firm. Their payment must be shown at the _______________________ side of Realisation Account.
Debit
Credit
Both A & B
None of the above
Interest on loan, advance is at
5%
7%
6%
None of these
When the goodwill is raised _____________.
It will be shared by all partners
Shared by retiring or deceased partners
Shared by existing partners
The liability of the partnership is
Limited
Medium
Unlimited
Identify dissolution by notice
In case of partnership at will, any partner may ask for the dissolution of the firm by serving notice and the firm will be dissolved.
After the expiry of the period for which the partnership has been formed.
On the death of a partner.
By adjudication of any partner as insolvent.
What Journal entry would be passed for Bank loan Rs 2000 is paid on the dissolution of firm, after various assets and third party liabilities have been transferred to Realisation Account ?
Realisation A/C debit as 2000 to cash A/C as 2000
Realisation A/C debit as 2000 to partners capital A/C 2000
Cash A/C debit as 2000 to Realisation A/C 2000
No entry
The ___________________ side of Bank A/C records the opening balance of cash in hand and cash at bank.
In fixed capital method, all the adjustments other than capital are recorded through
Capital account
Current account or drawing account
Profit and loss
Trading Account
Provision for Bad and Doubtful Debt are shown at the credit side of _________________ A/C.
Realisation A/C
Debtors A/C
Assets A/C
General Reserve appearing at the liabilities side will be transferred to the __________________ side of partner's capital A/C.
