Question : On firm's dissolution, on realisation of patents (which was shown in Balance Sheet) will be credited to:
Option 1: Cash A/c
Option 2: Profit and loss account
Option 3: Realization account
Option 4: None of the above
Correct Answer: Realization account
Solution : Answer = Realization account When patent realised Bank a/c.....Dr To Realisation a/c. Hence, the correct option is 3.
Question : On the firm's dissolution, on the realization of goodwill (which was shown in the Balance Sheet) will be debited to:
Question : On the firm's dissolution, furniture was realised at Rs. 50,000. State which account will be credited.
Question : At the time of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :
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