There are ___________ methods of maintaining capital accounts of the partners.
Two
Three
Four
Five
Interest on loan, advance is at
5%
7%
6%
None of these
On the dissolution of a firm, Amount received from the sale of assets is shown at the _________________ side of Realisation A/C.
Debit
Credit
Both A & B
Partnership is the result of an ___________ between two or more persons to do business and share its profit and losses.
Liability
Asset
Agreement
____________ method is also known as floating capital method.
Fixed capital
Fluctuating capital
Marginal capital
Retained Earning shows credit balance or appearing at the liabilities side will be transferred to the _________________ side of partners capital Accounts.
If cash A/C is prepared, the Bank balance should be withdrawn from Bank and posted at the ________________ side of cash A/C.
Find out the Journal entry, after various assets and third party liabilities have been transferred to Realisation Account. When a type writer completely written off in the books of accounts was sold for Rs 200 ?
Cash A/C debit as Rs 200 to Realisation A/C 200
Realisation A/C debit as Rs 200 to cash A/C as 200
Realisation A/C debit as 200 to Bank A/C as 200
No entry
Absence of the rate of interest on capital and drawing.
10% is allowed
50% is allowed
6% is allowed
None of the above.
Contingency Reserve appearing at the liabilities side will be transferred to the _______________ side of partners capital A/C.
