Question : On the firm's dissolution, on the realization of goodwill (which was shown in the Balance Sheet) will be debited to:
Option 1: Cash A/c
Option 2: Goodwill account
Option 3: Realization account
Option 4: None of the above
Correct Answer: Cash A/c
Solution : Answer = Cash A/c When goodwill is realised, then Bank a/c will increase (Debited) and credited realisation a/c Bank a/c.....Dr To Realisation a/c. Hence, the correct option is 1.
Question : On firm's dissolution, on realisation of patents (which was shown in Balance Sheet) will be credited to:
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
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile