On the dissolution of firm, if Joint life policy appears at the asset side it will be transfer to ________________ A/C.
Realisation A/C
Undistributed Profit A/C
Partner's Capital A/C
None of these
Find out the Journal entry for expenses are paid by the firm on behalf of a partner.
Realisation A/C Debit to partners capital A/C
Realisation A/C Debit to cash A/C
Partners capital A/C Debit to cash A/C
Cash A/C Debit to partners capital A/C
There are ___________ methods of maintaining capital accounts of the partners.
Two
Three
Four
Five
Find out the journal entry at the time of dissolution of the firm. If Y one of the partner took over a machine for Rs 20,000.
Realisation A/C debit Rs 20,000 to Bank A/C 20,000
Bank A/C debit Rs 20,000 to Realisation A/C Rs 20,000
Bank A/C debit Rs 20,000 to Y's capital A/C Rs 20,000
Y's capital A/C debit Rs 20,000 to Realisation A/C Rs 20,000
After retirement or death the existing partners adjust their capital a/c
On new ratio
On old ratio
On gaining ratio
None of the above
__________ is the core of partnership.
Liability
Asset
Mutual agency
Legal entity
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.
Dissolution by agreement
Compulsory dissolution
Dissolution by notice
Dissolution by court
For assets being taken by the partner
Debit of Partners capital A/C
Debit of Realisation A/C
Credit of Partner's Capital A/C
Credit of asset A/C
The liability of the partnership is
Limited
Medium
Unlimited
The amount received from the sale of unrecorded assets.
Debit of Cash Account
Credit of Bank Account
Debit of Realisation Account
Credit of Cash Account