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Class 12 · Accountancy
→At the time of dissolution, if a partner takes over an asset at an agreed value higher than its fair value, whose capital balance will be directly reduced by the entry for the takeover?
Class 12 · Accountancy
→During the dissolution of a firm, an unrecorded liability is paid in cash, but the payment is not debited to the Realisation Account. What will be the effect?
Class 12 · Accountancy
→At the time of dissolution of a partnership firm, if the amount realised from an asset is less than its book value, what will be the effect on the Realisation Account?
Class 12 · Accountancy
→At the time of dissolution, if the total amount realised from the assets is less than the amount of the firm’s external liabilities, what will generally be the result?
Class 12 · Accountancy
→What is the primary purpose of the Realisation Account at the time of dissolution of a firm?
Class 12 · Accountancy
→After the Realisation Account has been closed and its profit or loss has been transferred to the partners’ accounts, in which account is an error found in it generally rectified?
Class 12 · Accountancy
→If the totals of the debit and credit sides of the Realisation Account are equal, what is the result of realisation?
Class 12 · Accountancy
→When a liability is settled for an amount different from its book value, in what form is the difference recorded in the Realisation Account?
Class 12 · Accountancy
→At the time of dissolution, when the firm’s non-cash assets are sold for cash, how is the sale proceeds recorded in the Realisation Account?
Class 12 · Accountancy
→During the dissolution of a firm, when is the final adjustment of profit or loss in the Realisation Account made?
Class 12 · Accountancy
→At the time of dissolution, if a known liability is not transferred to the Realisation Account but its payment is recorded in that account, what will be the effect?
Class 12 · Accountancy
→If all transactions relating to assets and liabilities are correctly recorded in the Realisation Account at the time of dissolution, what will its final balance represent?
Class 12 · Accountancy
→At the time of dissolution, what will be the effect on the Realisation Account if a partner takes over an asset at a value lower than its book value?
Class 12 · Accountancy
→At the dissolution of a partnership firm, in what form is the closing balance of the Realisation Account treated?
Class 12 · Accountancy
→At the time of dissolution, if an asset of the firm has a book value higher than its actual realisable value, what will be the effect on the Realisation Account, other things remaining the same?
Class 12 · Accountancy
→When the Realisation Account considers the possible loss arising from the disposal of assets and settlement of liabilities at dissolution, which accounting principle is primarily reflected?
Class 12 · Accountancy
→In the Realisation Account, what will be the effect if a liability is settled for an amount higher than its book value?
Class 12 · Accountancy
→What is the ultimate effect of an incorrect entry in the Realisation Account?
Class 12 · Accountancy
→At the time of dissolution, if a partner takes over an asset instead of selling it, on what basis is the asset recorded in the Realisation Account?
Class 12 · Accountancy
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