Partnership agreement is
Oral
Written
Oral/written
None of the above
For assets being taken by the partner
Credit of partner's capital A/C
Credit of Realisation A/C
Debit of Realisation A/C
Debit of Asset A/C
Mutual agency is the core of __________.
Individuals
Partnership
Company
Liability
On the dissolution of a firm, Joint life reserve A/C should be transferred at the _________________ side of Realisation Account.
Credit
Debit
Both A & B
None of these
Accumulated profit is a profit from
Current year P&L a/c
Current year and previous year P&L and reserve
Revaluation period
Which fund is a liability towards the workers?
Investment fluctuation fund
Reserve fund.
Provident fund.
None of these.
Under fluctuation capital method capital account shows
Fixed balance
Fluctuating balance
There is no change in balance
Appointment of auditor is mentioned in
Written document
Partnership deed
Which Account is prepared only once during the life time of a business ?
Revaluation A/C
Realisation A/C
Profit & Loss A/C
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
