Question : On dissolution of firm, which item is credited to the realisation account?
Option 1: Realisation expenses paid by partner
Option 2: Balance of reserve fund
Option 3: Amount of unrecorded assets realised
Option 4: Creditor's balance shown in the Balance Sheet
Correct Answer: Amount of unrecorded assets realised
Solution : Answer = Amount of unrecorded assets realised When assets are realised, the realisation account will be credited. Bank a/c......Dr To Realisation a/c. Hence, the correct option is 3.
Question : At the time of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
Question : On dissolution of a firm, firm's Balance Sheet total is Rs.77,000. On the assets side of the Balance Sheet items were shown preliminary expenses Rs.2,000; Profit & Loss Account (Debit) Balance Rs.4,000 and Cash Balance Rs.1,800. Loss on realisation was Rs.6,300. Total
Question : On dissolution of a firm, the firm's Balance Sheet total is Rs. 7,70,000. On the assets side of the Balance Sheet items were shown preliminary expenses of Rs. 20,000; a Profit & Loss Account (Debit) Balance of Rs.8000 and a Cash Balance of Rs.18000. Loss on realisation
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