At the time of the Dissolution of the Partnership firm, "Creditors were Rs.1,00,000. They accepted buildings valued at Rs.1,20,000 and paid cash to the firm Rs.30,000". Necessary journal entry would be :

Realisation A/c is debited with __________ on the dissolution of firm.

Sharan, Raman and Manan are partners sharing profit and losses in the ratio of 1:1:1. Due to heavy losses, they decide to close their business. At the time of dissolution, Sharan agreed to bear all realisation expenses. Realisation expenses were to be paid by the firm. For the service Sharan is paid Rs.6,000. Actual expenses on realisation paid by the firm amounted to Rs. 9,000. Realisation A/c will be:

According to Section ........... of the partnership Act 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

According to Section 48 of Indian Partnership Act, amount realized from assets, along with contributions from partners, if required, to make up deficiencies of capital shall be utilized in a particular order:

A. To pay off unsecured loan.

B. In settlement of capital account balances.

C. To pay off secured loan.

D. The surplus, if any, is divided among partners in their profit-sharing ratio.

Choose correct answer from options given below:

Identify the entries which are correct:

(A) For remuneration of partner - Debit Realisation A/c and Credit Partner's Capital A/c

(B) For sale of assets - Debit Realisation A/c and Credit Bank A/c

(C) For settlement of unrecorded liability - Debit Realisation A/c and Credit Bank A/c

(D) For transfer of general reserve - Debit General Reserve A/c and Credit Partners' Capital A/c

Choose the correct answer from the options given below:

Out of the following when will the need for valuation of goodwill does not arise: