Question : On firm's dissolution, on realisation of patents (which was shown in Balance Sheet) will be credited to:

Option 1: Cash A/c

Option 2: Profit and loss account

Option 3: Realization account

Option 4: None of the above

Question : On the firm's dissolution, on the realization of goodwill (which was shown in the Balance Sheet) will be debited to:

Option 1: Cash A/c

Option 2: Goodwill account

Option 3: Realization account

Option 4: None of the above

Question : On the firm's dissolution, on the realization of goodwill (which was shown in the Balance Sheet) will be debited to:

Option 1: Cash A/c

Option 2: Goodwill account

Option 3: Realization account

Option 4: None of the above

Question : On the firm's dissolution, furniture was realised at Rs. 50,000. State which account will be credited.

Option 1: Cash Account

Option 2: Realisation Account

Option 3: Profit and Loss Account

Option 4: Patents Account

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