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

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash account

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

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash 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 : At the time of dissolution of partnership firm, fictitious assets are transferred to

Option 1: Capital Accounts of Partners

Option 2: Realisation Account

Option 3: Cash Account

Option 4: Partners’ Loan Account

Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?

Option 1: Partner's Capital Account Debit with 28,000

Option 2: Partner's Capital Account Credit with 34,000

Option 3: Realisation Account Credit with 34,000

Option 4: Realisation Account debited with 34,000