At the time of dissolution of their firm, Ahmed and Subhash, who are partners of that firm, agreed that Ahmed will pay realization expenses for a fixed remuneration of Rs.12,000. The actual expenses were Rs. 16,000. The Journal entry to be passed is

At the time of dissolution, creditors appear at Rs 50,000. Half of the creditors agreed to take unrecorded furniture of Rs 18,000 and Rs 5,000 in full settlement and the remaining creditors were paid 90%. The amount paid to the creditors that will be shown in the Realisation A/c is:

Under which of the following cases, the Court can order the dissolution of a partnership firm?

(A) When a partner persistently commits breach of partnership agreement.

(B) When a partner has transferred the whole of his interest in the firm to a third party.

(C) By the death of a partner.

(D) When the business of the firm cannot be carried on except at a loss.

Choose the correct answer from the options given below:

On the dissolution of the partnership firm the amount realised from sale of assets shall be applied in following order.

(a) Distributing the amount left among the partners in their profit sharing ratio

(b) Paying amount due to partner on account of loan advanced by him

(c) Paying amount due to the creditors

(d) Paying partners' capital account balances

Choose the correct answer from the options given below :

In the case of a dissolution of a firm, accumulated losses are transferred to:

Which account is debited for Realisation expenses paid?

Realization profit of 55,980 to be distributed amongst partners is: