The assets of the firm, including any sum contributed by the partners to make deficiencies of capital, shall be applied first for paying ………….

On dissolution of the firm, Partners' Capital Account are closed through:

Anil and Shobha are partners in a firm, and on 31st March 2020, they decided to dissolve the firm. Shobha was appointed to look after the dissolution work for which she was allowed a remuneration of Rs.15,000. She agreed to bear dissolution expenses. Actual dissolution expenses paid by her amounted to Rs. 11,800. Choose the correct journal entry.

Raman and Naman were in partnership sharing profit and losses as 3 : 2. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. 20,000. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. 15,000 at Rs. 18,000 and balance in cash for the settlement of loan. Journal Entry for above transaction is:

Identify the steps involved in the accounting treatment in the case of dissolution of firm:

(A) Capital accounts of partners are prepared and their final settlement is done.

(B) The balance of realisation account (profit or loss on realization) is transferred to partners' capital accounts in the profit sharing ratio.

(C) All assets and all external liabilities are transferred to realisation account.

(D) Realisation account is prepared.

(E) Bank account is prepared.

Choose the correct answer from the options given below:

Unrecorded liabilities when paid are shown in:

Neil, Kapil, Sunil started a furniture business in partnership. After one year of their operation, they started exporting Opium by keeping them in blank spaces between the furniture. As authorities came to know about the illegal business of the firm, they will compel them for .......