Question : On dissolution, goodwill account is transferred to :
Option 1: the Capital Accounts of Partners
Option 2: On the credit of Cash Account
Option 3: On the Debit of Realisation Account
Option 4: On the Credit of Realisation Account
Correct Answer: On the Debit of Realisation Account
Solution : All of the Firm's assets that can be sold for cash are moved to the Realization Account. Goodwill is regarded like any other asset and moved to the debit of Realization Account at the value stated in the Balance Sheet if it already appears there.
Hence the Correct answer is option 3.
Question : On dissolution, the final balance of capital accounts are transferred to
Question : At the time of dissolution of the partnership firm, fictitious assets are transferred to :
Question : At the time of dissolution of partnership firm, fictitious assets are transferred to
Question : At the time of dissolution of partnership firm, Deferred Revenue Expenditure (Advertisement) Expenditure) is transferred to
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