Accumulated profit or loss can be transferred to
Realisation a/c
Partners capital a/c
Bank a/c
None of the above
Current account is otherwise called
Capital account
Drawing account
Bank account
None of these
When the liability paid ____________.
Realisation account is debited
Bank account is debited
Liability account is debited
None of the these
Realisation is a _______________ Account.
Nominal
Real
Personal
Employees provident fund is an ________________ .
Asset
Outside liability
Partners Capital
On dissolution partners capital is transferred to
Current account
Realisation account
Creditors account
Dissolution of a firm is
Partial
Complete
Revised
Realisation A/C and Revaluation A/C are the ______________ A/C.
Same
Different
Both 1 & 2
Under dissolution the liabilities are closed by transferring it to
Capital a/c
Current a/c
Accumulated profit is shared by the partners
On old ratio
New ratio
Sacrificing ratio
