Accumulated profits and reserves are transferred to ___________________
Partner's capital Account
Realisation Account
Bank Account
None of the above
Retiring partners capital a/c is transferred to ________________.
Loan a/c
Current a/c
Executor's a/c
Gaining ratio is equal to _______________.
Old ratio - New ratio
New ratio - Old ratio
Old ratio itself
If goodwill A/C does not appear in the balance sheet but it is sold or taken by the partner, partners capital A/C will be ______________________.
Credited
Debited
Both A & B
None of these
Find out the journal entry at the time of dissolution of the firm. If Realisation Expenses Rs 3000 paid.
Bank A/C debit of 3000 to Realisation A/C Rs 3000
Realisation A/C debit of Rs 3000 to Bank A/C Rs 3000
Realisation capital A/C debit Rs 3000 to Bank A/C Rs 3000
No entry
What Journal entry are made in the books of a firm at the time of dissolution when a partner takes over the responsibility to pay off an unrecorded liability ?
Realisation A/C debit to cash A/C
Realisation A/C debit to partners capital A/C
Partners capital A/C debit to Realisation A/C
Reserve for Discount on creditors are appearing at the liabilities side, will be shown at the debit side of ________________ A/C.
Realisation A/C
Partners Capital Account
Bank A/C
Sundry Assets are transferred to the debit side of ___________ Accont.
Realisaton
Cash
Bank
Capital
At the time of dissolution, Accounts of all the assets are closed by transferring them to ______________ Account
Cash Account
partners Capital Account
Find out the Journal entry for payment of partners loan.
Cash A/C debit to partners capital A/C
Partner's capital A/C debit to cash A/C
Partner's loan A/C debit to Bank A/C
Bank A/C Debit to partner's loan A/C