Excess of credit over the debit side of Realisation Account is assumed to be the ___________________.
Loss
Profit
No profit No loss
None of these
The balance of partners capital A/C is appearing at the assets side of the balance sheet. It will be posted at the ___________________ side of partner's capital A/C.
Debit
Credit
Both A & B
Find out the Journal entry at the time of dissolution of the firm for sale of assets Rs 50,000.
Cash A/C debit of 50,000 To Realisation A/C Rs 50,000
Realisation A/C debit of 50,000 To cash A/C Rs 50,000
Sale of asset A/C debit Rs 50,000 To cash A/C Rs 50,000
No entry
After transferring liabilities like creditors and bills payable in the Realisation account, in the absence of any informatin regarding their payment, such liabilities are treated as ___________.
Never paid.
Fully paid.
Partly paid.
None of these.
What will be the Journal entry for additional amount brought by the partner.
Cash A/C debit to partner's capital A/C
Partner's capital A/C debit to cash A/C
Realisation A/C debit to partners capital A/C
If goodwill is taken by the partner, his capital A/C will be _____________________.
Debited
Credited
__________ is the core of partnership.
Liability
Asset
Mutual agency
Legal entity
If the firm may dissolved by adjudication of any partner as insolvent is the __________ type of dissolution.
Dissolution by court.
Dissolution by notice.
Dissolution by contingencies.
Dissolution by agreement.
Accumulated profit is a profit from
Current year P&L a/c
Current year and previous year P&L and reserve.
Revaluation period
None of the above
On the dissolution of a firm, Amount received from the sale of assets is shown at the _________________ side of Realisation A/C.
