Question : On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :
Option 1: Realisation A/c
Option 2: Partner’s Capital A/c
Option 3: Cash A/c
Option 4: None of the A/c

Question

Question : On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :

Option 1: Realisation A/c

Option 2: Partner’s Capital A/c

Option 3: Cash A/c

Option 4: None of the A/c

Team Careers360 · Accepted Answer

Correct Answer: Partner’s Capital A/c

Solution : Partner capital account will be credited upon firm dissolution when a partner willingly transfers his personal asset to a firm's creditor as payment.

Hence the correct answer is option 2.

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Question : On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :Option 1: Realisation A/cOption 2: Partner’s Capital A/cOption 3: Cash A/cOption 4: None of the A/c

Related Questions

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Question : On dissolution of a firm, an unrecorded asset of Rs. 10,000 was taken by a partner for Rs. 8600 against payment. Which Account will be credited and by how much amount?

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Question : On firm’s dissolution, when a partner voluntarily gives his personal asset to firms’ creditor as payment, the account credited will be :
Option 1: Realisation A/c
Option 2: Partner’s Capital A/c
Option 3: Cash A/c
Option 4: None of the A/c