Class XII

If a partner has given any loan to the firm, his loan will be paid ____ payment of all the outside liabilities : but _____making any payment to partners on account of capital
  1. -------------------------------------------------------------------------------- After, at the time of
  2. Before, After
  3. at the time of, Before
  4. After, Before
Unrecorded Asset taken over by the partner will not be shown in:
  1. -------------------------------------------------------------------------------- Both B and Realisation A/c
  2. Cash A/c
  3. Partners Capital A/c
  4. Realisation A/c
When a partner capital account shows a debit balance, his loan account should be transferred to his Capital account by what amount
  1. 20 % amount
  2. Whole amount
  3. To the extent of Debit Balance
  4. 50 % amount
Payment of firm’s debts and private debts are treated as per the ________
  1. Section 4
  2. Section 37
  3. Section 49
  4. Section 31
If there is no liability on account of workmen’s compensation then the whole amount of workmen’s compensation fund will be credited to
  1. -------------------------------------------------------------------------------- Revaluation account
  2. Realisation account
  3. Partner’s Capital account
  4. Profit and Loss account
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