Question : At the time of dissolution partner's loan (cr balance ) account is transferred to:
Option 1: Profit & Loss Account
Option 2: Balance Sheet
Option 3: Capital Accounts of Partners
Option 4: Cash and Bank account
Correct Answer: Cash and Bank account
Solution : Answer = Cash and Bank account At the time of dissolution, the partner's loan (cr. balance) was transferred to bank a/c. Partner's loan a/c........Dr To cash/bank a/c Hence, the correct option is 4.
Question : On dissolution, the final balance of capital accounts are transferred to
Question : At the time of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
Question : Investment fluctuating reserve will be transferred to ----------------account at the time of dissolution.
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