Question : On dissolution of firm, which item is credited to the realisation account?

Option 1: Realisation expenses paid by partner

Option 2: Balance of reserve fund

Option 3: Amount of unrecorded assets realised

Option 4: Creditor's balance shown in the Balance Sheet

Question : On dissolution of firm, which item is credited to the realisation account?

Option 1: Realisation expenses paid by partner

Option 2: Balance of reserve fund

Option 3: Amount of unrecorded assets realised

Option 4: Creditor's balance shown in the Balance Sheet

Question : On dissolution of a firm, a partner paid Rs. 6,500 for firm’s realisation expenses. Which account will be debited?

Option 1: Cash Account

Option 2: Realisation Account

Option 3: Capital Account of the Partner

Option 4: Profit & Loss A/c

Question : At the time of dissolution partner's loan (cr balance ) account is transferred to:

Option 1: Profit & Loss Account

Option 2: Balance Sheet

Option 3: Capital Accounts of Partners

Option 4: Cash and Bank account

Question : At the time of dissolution partner's loan (cr balance ) account is transferred to:

Option 1: Profit & Loss Account

Option 2: Balance Sheet

Option 3: Capital Accounts of Partners

Option 4: Cash and Bank account