Dissolution Of A Partnership Firm(12th Grade > Accountancy ) Questions and Answers
Explanation:-
Answer: Option B. ->
Book
:
B
At the time of dissolution, all the assets of the firm are transferred to Realisation Account at book values.
Explanation:-
Answer: Option A. ->
Realisation A/c, Cash A/c
:
A
Unrecorded Liability paid at the time of dissolution is debited to Realisation A/c and credited to Cash A/c.
Explanation:-
Answer: Option B. ->
Dissolved
:
B
When a firm decides to close its business, it is said to be dissolved
Explanation:-
Answer: Option C. ->
Cash Account
:
C
On the dissolution of the firm, cash in hand is transferred to Cash Account.
Explanation:-
Answer: Option B. ->
Cash A/c, Realisation A/c
:
B
Unrecorded Asset realised at the time of dissolution is debited to Cash A/c and credited to Realisation A/c.
Explanation:-
Answer: Option C. ->
Debited to
:
C
The expenses of realisation are debited to Realisation A/c.
Explanation:-
Answer: Option C. ->
All assets to be realised
:
C
On dissolution of partnership, the realisation account is debited with all assets to be realised.
Explanation:-
Answer: Option C. ->
No. Don't need to pass any entry.
:
C
No. We don't need to pass any entry for assets taken over by a creditor.
Explanation:-
Answer: Option A. ->
Yes
:
A
Yes, the court has authority to give order to dissolve the firm.
Explanation:-
Answer: Option C. ->
Both Cash and Bank Balance
:
C
Cash and bank balance are not transferred to realisation account