Question : On dissolution of a partnership firm, the amount received from the sale of assets is debited to
Option 1: Realization account
Option 2: Cash account
Option 3: Partner's capital account
Option 4: None of the above
Correct Answer: Cash account
Solution : Answer = Cash Account. When assets are realized, then the cash or bank account will be debited, and the realization account will be credited. Hence, the correct option is 2.
Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.
Question : At the time of the dissolution of the partnership firm. The amount of the Employees Provident Fund shown on the liabilities side of the balance sheet is transferred to
Question : On dissolution of a firm; out of the proceeds received from the sale of assets ________will be paid first of all.
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