Question : All assets except ——- are transferred to realisation A/c at the time of dissolution.
Option 1: Cash in hand
Option 2: Bank balance
Option 3: Cash, bank balance and fictitious asset
Option 4: Fictitious assets
Answer (1)
8th Jan, 2024
Correct Answer: Cash, bank balance and fictitious asset
Solution : The following accounts are not transferred to Realisation Account:
- Cash/Bank A/c,
- Bank overdraft,
- Reserve fund,
- Credit/Debit balance of Profit & Loss Account,
- Partners' Capital Accounts and.
- Partner's Loan Account.
- Fictitious assets
Hence the correct answer is option 3.
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