1.

Select the most appropriate answer from the alternatives given below and rewrite the sentences.i. In case of dissolution assets and liabilities cire transferred to _________ Account.(a) Bank Account (b) Partner’s Capital Account (c) Realisation Account (d) Partner’s Current Accountii. Dissolution expenses are credited to __________Account. (a) Realisation Account (b) Cash/Bank Account (c) Partner’s Capital Account (d) Partner’s Loan Accountiii. Deficiency of insolvent partner will be suffered by solvent partners in their _________ ratio. (a) capital ratio (b) profit sharing ratio (c) sale ratio (d) liquidity ratioiv. If any asset is taken over by partner from firm his Capital Account will be ___________ (a) credited (b) debited (c) added (d) dividedv. If any unrecorded liability is paid on dissolution of the firm ______________ account is debited.(a) Cash/Bank Account (b) Realisation Account (c) Partner’s Capital Account (d) Loan Account

Answer»

i. (c) Realisation Account

ii. (b) Cash/Bank Account

iii. (b) profit sharing ratio

iv. (b) debited

v. (b) Realisation Account



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