When all partner or except one partner is declared insolvent is ____________________ type of dissolution.
Dissolution By agreement
Compulsary Dissolution
Dissolution by notice
Dissolution by court
When one of the partners becomes permanently handicapped and incapable of performing his duties as a partner is ________________________ type of dissolution.
Dissolution by agreement
Compulsory dissolution
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
None of these
Interest on capital of the retiring or deceased partner is allowed on the basis of
Partnership deed
Mutual agreement
As per present situation
None of the above
On the dissolution of a firm, Joint life reserve A/C should be transferred at the _________________ side of Realisation Account.
For transfer of sundry assets to Realisation Account
Credit of Realisation Account
Debit of Sundry Asset Account
Credit of Sundry Asset Account
Debit of Bank A/C
In case of partnership at will, any partner may ask for the dissolution of the firm by serving notice and the firm will be dissolved is the ____________________ type of dissolution.
When excess of capital a/c, transferred to current a/c will be
Debited
Credited
Cash a/c will be credited
The liability of the partnership is _____________.
Limited
Medium
Unlimited
Interest on loan, advance is at
5%
7%
6%
