When partners capital account is settled ______________.
Capital account is credited
Capital account is debited
Bank account is debited
None of the above
The business is not termed in _____________.
Dissolution of partnership
Dissolution of firm
Both 1 & 2
None of these
On the dissolution of firm, Depreciation fund will be shown at the _________________ side of Realisation Account.
Debit
Credit
Current account is otherwise called
Capital account
Drawing account
Bank account
Partners loan Accounts may transferred to _________________ A/C.
Revaluation A/C
Realisation A/C
Profit & Loss A/C
Realisation A/C and Revaluation A/C are the ______________ A/C.
Same
Different
Amount received from sale of unrecorded assets is shown at __________________.
Debit side of Realisation A/C and debit side of cash A/C
Credit side of Realisation A/C and credit side of cash A/C
Credit side of Realisation A/C and debit side of cash A/C
Debit side of Realisation A/C and credit side of cash A/C
When one of the partners has become of unsound mind is the ___________________ type of dissolution.
Dissolution by agreement
Compulsory dissolution
Dissolution by notice
Dissolution by court
On dissolution partners capital is transferred to
Current account
Realisation account
Creditors account
Realisation profit or loss is shared by the partners on _______________.
Old ratio or equal ratio
Equal ratio
Capital ratio
