Question : On dissolution of a partnership firm, the amount received from the sale of assets is debited to

Option 1: Realization account

Option 2: Cash account

Option 3: Partner's capital account 

Option 4: None of the above

Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.

Option 1: Realization account debited, concerned partner's capital account

Option 2: Concerned partner's capital, realization account

Option 3: Unrecorded liability debited, cash account 

Option 4: None of the above.

Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.

Option 1: partner's capital

Option 2: partner's loan to firm

Option 3: outsider's liabilities

Option 4: partner's additional capital

Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.

Option 1: partner's capital

Option 2: partner's loan to firm

Option 3: outsider's liabilities

Option 4: partner's additional capital

Question : At the time of the dissolution of the partnership firm. The amount of the Employees Provident Fund shown on the liabilities side of the balance sheet is transferred to

Option 1: Cash account

Option 2: partner's capital account

Option 3: realization account

Option 4: None of the above