CUET Accountancy 2024 - On dissolution of a firm, bank overdraft is transferred to: | PYQs + Solutions | AfterBoards
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CUET Accountancy 2024

Accountancy
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Retirement/Death of a Partner

Medium

On dissolution of a firm, bank overdraft is transferred to:

✅ Correct Option: 2
On dissolution of a firm, all assets and liabilities are settled. A bank overdraft is a liability.
Bank overdraft → Realisation Account
This account is used to record all assets sold and liabilities paid off during dissolution.
After settling the overdraft, any remaining balance affects the partners' accounts.

Related questions:

CUET Accountancy 2024

A, B and C are partners sharing profits in the ratio of 3:2:1. C died on 1st July, 2023. On this date, final accounts were prepared to ascertain profits for the period. It resulted in a profit of ₹ 1,75,000 to the firm. To give effect to the above:

CUET Accountancy 2024

The Deceased Partner's Capital Account includes the following amount/balances:

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