In case of dissolution of partnership firm, all assets, except cash/bank and fictitious assets, are transferred to debit side of:

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Capital Account

Current Account

Realisation Account

Bank Account

Correct Answer

Realisation Account

Detailed Explanation

In the case of the dissolution of a partnership firm, all assets (excluding cash or bank and fictitious assets) are transferred to the debit side of the Realisation Account. The Realisation Account is used to track the sale of assets and the distribution of the proceeds among the partners and for settling liabilities. This allows for an orderly distribution of assets and liabilities during the dissolution process.

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Which of the following are shown is Revaluation A/c?
A. Unrecorded Asset
B. Workmen Compensation Reserve
C. Decrease in fixed Asset
D. Increase in Inventory
E. Drawings of partner
Choose the correct answer from the options given below:

Mr. Kunal withdrew 10,000 per month at the end of each month from a firm for his personal use during the year ending March 31, 2022. What will be the interest on drawings if charged @8% p.a.?

Match List I with List II LIST I LIST II A. Issued Capital
I. Amount of capital company is authorised to issued B. Authorised Capital II. Part of capital which has not been called C. Called-up Capital III.Amount of capital issued to public D. Uncalled Capital IV. Part of capital called by the company Choose the correct answer from the options given below:

Salaries and wages are shown in the Statement of Profit and Loss under the head:

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