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Class 12 · Accountancy
→On dissolution of the firm, if a partner takes over an asset, which account is credited?
Class 12 · Accountancy
→At the time of dissolution, a machine with a book value of ₹50,000 is sold for ₹47,000. What is the result of this transaction?
Class 12 · Accountancy
→On dissolution of the firm, if the external liabilities payable are not transferred to the Realisation Account, which account will remain incomplete?
Class 12 · Accountancy
→What is the process called when a partnership firm’s business is completely closed and the firm ceases to exist?
Class 12 · Accountancy
→When an unrecorded liability is paid, which account is debited?
Class 12 · Accountancy
→If the debit side of the Realisation Account exceeds its credit side, what will be the result?
Class 12 · Accountancy
→In the dissolution of a firm, in which ratio is the profit arising from the Realisation Account distributed among the partners?
Class 12 · Accountancy
→If a partner bears the realisation expenses on behalf of the firm and the firm reimburses the partner, through which account is the reimbursement recorded?
Class 12 · Accountancy
→If the realisation expenses are paid by the firm, what will be the effect of the accounting entry?
Class 12 · Accountancy
→The amount received from the sale of an unrecorded asset is credited to which account?
Class 12 · Accountancy
→At the time of dissolution of a partnership firm, a creditor accepted ₹9,600 in full settlement of a claim of ₹10,000. What gain will the firm earn from this transaction?
Class 12 · Accountancy
→On dissolution of the firm, external liabilities are generally transferred to which account?
Class 12 · Accountancy
→At the time of dissolution, to which account are all real assets transferred, except cash and bank balances?
Class 12 · Accountancy
→For what purpose is the Realisation Account prepared at the time of dissolution of a firm?
Class 12 · Accountancy
→At the time of dissolution, a creditor of ₹36,000 was fully settled by paying ₹34,000 in cash and giving goods valued at ₹1,000. What is the gain on this settlement?
Class 12 · Accountancy
→If an asset with a book value of ₹75,000 is taken over by a partner for ₹69,000 and the firm bears realisation expenses of ₹1,000, what will be the total effect on the Realisation Account?
Class 12 · Accountancy
→An unrecorded asset is sold for ₹14,000, and an unrecorded liability is settled by paying ₹5,000. What will be the net effect on the Realisation Account?
Class 12 · Accountancy
→If the total loss on realisation is ₹54,000 and the three partners share profits and losses in the ratio 5:4:3, how much loss will be borne by the second partner?
Class 12 · Accountancy
→If an unrecorded liability of ₹4000 existed but no payment was required what is the effect on Realisation Account?
Class 12 · Accountancy
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