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 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 : 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 dissolution of a firm, an unrecorded asset of Rs. 10,000 was taken by a partner for Rs. 8600 against payment. Which Account will be credited and by how much amount?

Option 1: Cash Account by Rs. 8600

Option 2: Realisation Account by Rs. 700

Option 3: Partner's Capital Account by Rs. 8600

Option 4: Realisation Account by Rs. 8600

Question : On dissolution of a firm, an unrecorded asset of Rs. 10,000 was taken by a partner for Rs. 8600 against payment. Which Account will be credited and by how much amount?

Option 1: Cash Account by Rs. 8600

Option 2: Realisation Account by Rs. 700

Option 3: Partner's Capital Account by Rs. 8600

Option 4: Realisation Account by Rs. 8600