Question : Assertion (A) After dissolution cash/ bank account will have nil balance.
Reason (R) Assets whether unrecorded or recorded are credited to the Realization account when realized.
Option 1: Both statements are correct
Option 2: Both statements are incorrect
Option 3: Statement I is correct and statement II is incorrect
Option 4: Statement I is incorrect and statement II is correct
Correct Answer: Both statements are correct
Solution : Answer = Both statements are correct After dissolution Cash or Bank Balance will Have zero Balance and All. Assets (Recorded or unrecorded) will Realised or taken over by any Partner and will credited to the Realisation Account. Hence, the correct option is 1.
Question : Assertion A:- The cash flow statement and income statement are the same. Reason R:- The cash flow statement does not show the profit and loss account.
Question : Statement 1: Cash and Bank Sub-system deals with the receipt and payment of cash both physical cash and electronic fund transfer. Statement 2: Electronic fund transfer takes place without having the physical entry or exit of cash by using credit cards or electronic
Question : Statement - I : Complex tissue is made up of more than one type of cells.
Statement - II : Meristems are examples of permanet tissue.
Question : A debtor of Rs 31,000 agreed to pay the dissolution expenses which were Rs 30,000 in full settlement of his debt. Choose the correct option.
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