Question : At the time of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :

Option 1: Creditor’s Account

Option 2: Realisation Account

Option 3: Partner’s Capital Account

Option 4: Profit & Loss Account

Question : On firm’s dissolution, which one of the following account should be prepared at the last?

Option 1: Realisation Account

Option 2: Cash Account

Option 3: Partner’s Loan Account

Option 4: Partner’s Capital Accounts

Question : On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :

Option 1: Realisation A/c

Option 2: Partner’s Capital A/c

Option 3: Cash A/c

Option 4: None of the A/c

Question : Unrecorded liability, when paid on dissolution of a firm is debited to :

Option 1: Partner’s Capital A/c

Option 2: Liabilities A/c

Option 3: Realisation A/c

Option 4: Asset A/c

Question : Realisation Expenses, 15,000 were paid by the firm on behalf of a partner. The Journal Entry passed will be:

Option 1: Realisation A/c Dr. 15,000
To Cash/Bank A/c 15,000

Option 2: Realiastion A/c Dr. 15,000
To Concerned Partner’s Capital A/c 15,000

Option 3: Concerned Partner’s Capital A/c Dr. 15,000
To Cash/Bank A/c 15,000

Option 4: Cash/Bank A/c Dr. 15,000
To Realisation A/c 15,000