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
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.
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, a partner paid Rs. 6,500 for firm’s realisation expenses. Which account will be debited?
Question : On firm’s dissolution, which one of the following account should be prepared at the last?
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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