In which dissolution, when all partners or all except one partner is declared insolvent ?
Dissolution by agreement
Compulsory dissolution
Dissolution by notice
Dissolution by court
Due to the absence of interest on capital.
Interest is not allowed
Allowed on mutual rate
Allowed at the rate of 6%
None of these
Mutual agency is the core of __________.
Individuals
Partnership
Company
Liability
Find out the journal entry at the time of dissolution of the firm. Its profit & loss A/C balance of Rs 50,000 appeared on the assets side of the balance sheet.
Profit & loss A/C debit Rs 50,000 to all the partners capital A/C 50,000
All the partners capital A/C debit Rs 50,000 to profit & loss A/C Rs 50,000
Realisation A/C debit 50,000 to P & L A/C Rs 50,000
No entry
Realisation expenses are incurred in connection with the dissolution of the firm. Their payment must be shown at the _______________________ side of Realisation Account.
Debit
Credit
Both A & B
None of the above
Find out the Journal entry for transfer of loss on realisation account to partners capital accounts.
Partners capital A/C debit to Realisation A/C
Realisation A/C debit to partners capital A/C
Partners capital A/C debit to cash A/C
Advantage of registration is
Recover debts from outstanders and partners
More debt fecilities are available
More financial confidence from outstanders and partners
Absence of profit sharing ratio, profit can be shared
On capital proportion
Equally
Mutually
On the dissolution of firm, If goodwill appears at the assets side of the balance sheet it should be transferred to ________________ A/C.
Realisation A/C
Partners Capital A/C
Cash A/C
Bank A/C
When the goodwill of the firm is less than goodwill already raised _______________.
The excess will be written off by all partners in their old ratio
The excess will be written off by existing partners on their new ratio
No adjustment will be made
