Question : On dissolution of a firm, bank overdraft is transferred to :
Option 1: Bank Account
Option 2: Realisation Account
Option 3: Partners’ Capital Account
Option 4: Partners' Loan Account
Correct Answer: Realisation Account
Solution :
Bank overdraft is an external liability. Every external liability has to be paid off at the time of dissolution of partnership firm. Hence it will be transferred to Realisation A/c.
Question : If there is no claim against Workmen Compensation Reserve, it is _____ at the time of admission of a partner.
Question : Which of the following would affect the Revaluation Account at the time of reconstitution of a partnership firm?
Question : Which year marked the third general election in India?
Question : Arrange the following in the correct order:
(A)
Question : The journal entry for treatment of goodwill, when a new partner brings his share of goodwill in cash and one of the old partners gains, involves the following
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