CUET Accountancy - When realisation expenses are paid by the Partner on behalf of a Firm, which account will be credited: | PYQs + Solutions

CUET Accountancy 2025 2 June Shift 2

Partnership

Easy

common

Realisation Account

Partner's Capital Account

Partner's Loan Account

Bank Account

✅ Correct Option: 2

Related questions:

4 June Shift 2

In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order:

(A). In paying to each partner proportionately what is due to him on account of capital.

(B). The residue, if any, shall be divided among the partners in their profit sharing ratio.

(C). In paying the debts of the firm to third parties.

(D). In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner loan).

Choose the correct answer from the options given below:

3 June Shift 2

The following are the features of the Dissolution of Partnership:

(A) Assets and liabilities are revalued, and a new balance sheet is drawn.

(B) Economic relationships between partners continue, though in a changed form.

(D) The books of account are closed.

Choose the correct answer from the options given below:

CUET Accountancy 2024 Slot 1

Determine the amount of Profit and Loss Account.

CUET Accountancy 2025 2 June Shift 2 PYQs

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