Class XII

Amount realized from the sale of assets will be transferred to ______ Account _____ side
  1. Cash, Credit
  2. Partners Capital, Debit
  3. Cash, Debit
  4. Realisation, Debit
Anil and Baman were partners sharing profits and losses equally. The firm dissolved on 15 march 2012, which resulted a loss of ₹30000.On that date, capital account of Anil showed a credit balance of ₹20000.Transfer of loss to capital account of Anil will be
  1. ₹3000
  2. ₹2000
  3. ₹20000
  4. ₹15000
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
In which circumstances partners’ can dissolve the firm without interference of the court?
  1. Mutual Agreement
  2. When a partner is found guilty of breath of contract frequently
  3. When business of the firm cannot be carried on except at a loss
  4. When a partner has become of unsound mind
Money realised from the sale of unrecorded assets is debited to the _________
  1. -------------------------------------------------------------------------------- Balance Sheet
  2. Partners capital account
  3. Revaluation Account
  4. Cash Account
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