Doubtly
@Doubtly · Joined Feb 2021
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- Revaluation account can be prepared __ time(s) in the firm. (a) many (b) one (c) two (d) three (a) many Revaluation account can be prepared many_ time(s) in the firm. 1
- Realisation account can be prepared _ in the life of firm. (a) many (b) once (c) two (d) three (b) once Realisation account can be prepared once in the life of firm. 1
- After the dissolution of firm, business of the firm will automatically __. (b) closed After the dissolution of firm, business of the firm will automatically closed 1
- At the time of dissolution of partnership firm _ account is prepared. (d) All of these 2
- At the time of dissolution of partnership firm, balance of cash and bank will be transferred to _ account. (c) bank At the time of dissolution of partnership firm, balance of cash and bank will be transferred to bank account. 1
- At the time of dissolution, partner’s loan account is closed by _. (b) payment 2
- At the time of dissolution of a partnership firm, all assets (except fictitious) are transferred to _ (a) realisation 2
- Cash balance shown in the Balance Sheet is shown on dissolution of firm in : (a) Realisation Account (b) Cash Account 2
- On taking responsibility of payment of a liability of ₹ 20,000 by a partner, the account credited will be : (c) Capital Account of the Partner 2
- Which of the following is not transferred to Realisatsion Account ? (d) All of the above 2
- On disolution of firm, loss calculated in realisation account is debited/credited to which account ? (b) Partners’ Capital Accounts 2
- Which of the following is transferred to Realisation Account ? (c) Amount realised on sale of assets 2
- When realisation expenses are paid by the firm on behalf of a partner, such expenses are debited to : (b) Partners’ Capital Account 2
- The retiring/deceased partner must be compensated in the form of premium (goodwill) for the share of (a) sacrificed 2
- At the time of retirement of a partner, account is prepared. (a) revaluation A/c (a) revaluation A/c 2
- At the time of retirement of a partner, goodwill will be credited in partner’s capital Account. (c) retiring 2
- Goodwill of the deceased partner will be debited in remaining partners’ capital Account in ratio. (d) gaining 2
- At the time of retirement of an existing partner, goodwill already shown in the books is written off in ratio. (a) old option a is correct 2