Dissolution Questions

On the dissolution of a firm, the Creditors are transferred to :

Match List-I with List-II:List-IList-II(A) On dissolution of a firm, creditors is transferred to:(I) Bank account is credited(B) Unrecorded liabilities when paid:(II) Realization Account(C) When realization expenses are paid by the firm on behalf of a partner, such expenses are(III) Bank account is debited.(D) When unrecorded assets are sold(IV) Partner's Capital AccountChoose the correct answer from the options given below:

On dissolution of the firm, partner's capital accounts are closed through:

In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange the following steps in the correct statutory sequence according to Section 48 of the Indian Partnership Act, 1932:(A) In paying to each partner proportionately what is due to him on account of capital(B) In paying the debts of the firm to the third parties(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan)(D) The residue, if any, shall be divided among the partners in their profit sharing ratioChoose the correct answer from the options given below:

Which item among the following is NOT listed on the credit side of a Realization Account?

A firm is dissolved compulsorily under Section 41 of the Indian Partnership Act in the following cases:(A) When all the partners or all but one partner, become insolvent.(B) When the business of the firm becomes illegal.(C) Change in existing profit sharing ratio among partners.(D) When some event has taken place which makes it unlawful for the partners to carry on the business of the firm in partnership.Choose the correct answer from the options given below:

Unrecorded liabilities when paid are recorded in:

When a firm is dissolved, Provision for Bad and Doubtful Debt Account :-

When a firm is dissolved, the Balance of Investment Account and Balance of Investment Fluctuation Fund Account, shown by Firm's Balance Sheet are transferred into _________ and into _________ respectively:-

All assets (except cash/bank and fictitious assets) are transferred to the__________ side of __________Account.