When partners capital account is settled ______________.
Capital account is credited
Capital account is debited
Bank account is debited
None of the above
When the realisation expense paid by a partner____________________.
Partners capital a/c is debited
Partners capital a/c is credited
Realisation a/c is credited
Joint Life policy is an _________________.
Asset
Liability
Both 1 & 2
None of these
Realisation A/C and Revaluation A/C are the ______________ A/C.
Same
Different
Current account is otherwise called _____________.
Capital account
Drawing account
Bank account
Payment of unreorded liabilities shown at the ___________ side of Realisation A/C.
Debit
Credit
Accumulated profit or loss can be transferred to _______________.
Realisation a/c
Partners capital a/c
Bank a/c
On the dissolution of firm, Bills payable are transferred to _________________ .
Realisation A/C
Bank A/C
Cash A/C
Partners capital A/C
Partner's Current Account appearing in the Balance sheet will be transferred to the _______________ Account.
Partner Capital A/C
On dissolution partners capital is transferred to _________________.
Current account
Realisation account
Creditors account
