Profit and loss A/C shown at the asset side, will be transferred to the ____________________ side of partner's capital A/C.
Debit
Credit
Both A & B
None of these
Contingency Reserve appearing at the liabilities side will be transferred to the _______________ side of partners capital A/C.
In case creditors do not appear at the liabilities side, Reserve for discount on creditors will be transferred to the credit side of __________ Account.
Realisation Account.
Partner's Capital Account.
Bank Account.
None of these.
Provision for depreciation will be shown at the credit side of _________________ Account.
Partners capital A/C
Bank Account
Realisation A/C
Incase, Joint life policy does not appear at the assets side, Joint life policy Reserve will be transferred to the ________________ side of partner's capital A/C.
On the Dissolution of a firm while preparing Bank A/C Additional capital brought by the partner recorded in the ________________ side of Bank A/C.
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
In case of ___________all business operations stop and the firm ceases to exist in its name and style
Dissolution of the firm
Dissolution of the partnership
Death of partners
Retirement of partner
The ___________ must be profit seeking and also lawful.
Expense
Business
Loss
Liability
Find out the Journal entry for transfer of profit 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
