When the firm is dissolved, its books of account are to be closed and the profit or loss arising on realisation of its assets and discharge of liabilities is to be computed. For this purpose, a Realisation Account is prepared. Identify correct statements related to Realisation Account.

A. Transfer all assets (other than cash in hand, bank balance and fictitious assets, if any), and all external liabilities to this account.

B. The balance in this account is not transferred to partners' capital accounts in the profit sharing ratio.

C. The balance in this account is transferred to partners' capital accounts in the profit sharing ratio.

D. Ascertain the net effect (profit or loss) of realisation of assets and payment of liabilities.

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One of the partner took-over furniture at the time of dissolution of the firm, which account will be debited:

According to which section of the partnership Act 1932, the dissolution of a partnership between all the partners of a firm is called the dissolution of the firm?

In case of dissolution of firm, the bank overdraft is transferred to:

Determine the amount of Profit and Loss Account.

At the suit of a partner, the court may order a partnership firm to be dissolved on the following grounds :

A. When a partner becomes insane.

B. When a partner becomes permanently incapable of performing his duties as a partner.

C. When a partner is guilty of misconduct which is likely to adversely affect the business of the firm.

D. When a partner persistently commits breach of partnership agreement.

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Select the items shown on the debit side of Realisation A/c :

A. Cash in hand

B. Intangible assets

C. Fictitious assets

D. Bills Receivables

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