Fill in the blanks with appropriate words: (i) When the firm is dissolved, Reserve is transferred to __________ in the profit -sharing ratio. (ii) Urecorded liability paid at the time of dissolution of the firm to be debited to ________ Account. (iii) When an unrecorded asset is realised at the time of dissolution of the firm________. Account is debited and _______ Account is credited. (iv) Goodwill Account appearing in the books on the dissolution date is closed by transferring it to _________ side of the ________ Account. (v) Entry for the asset taken over by a creditor is ______ but entry for the net payment to the creditor is made. (vi) Debit balance of Profit and Loss Account is transferred to _______ Accounts at the time of dissolution of the firm. (vii) Expenses of realisation are ______ to Realisation Account. (viii) Unrecorded asset takem by a partner is ________ to Partner's Capital Account. (ix) Balance of Realisation Account is transferred to ___________

Fill in the blanks with appropriate words: (i) When the firm is disso

1.	Fill in the blanks with appropriate words: (i) When the firm is dissolved, Reserve is transferred to __________ in the profit -sharing ratio. (ii) Urecorded liability paid at the time of dissolution of the firm to be debited to ________ Account. (iii) When an unrecorded asset is realised at the time of dissolution of the firm________. Account is debited and _______ Account is credited. (iv) Goodwill Account appearing in the books on the dissolution date is closed by transferring it to _________ side of the ________ Account. (v) Entry for the asset taken over by a creditor is ______ but entry for the net payment to the creditor is made. (vi) Debit balance of Profit and Loss Account is transferred to _______ Accounts at the time of dissolution of the firm. (vii) Expenses of realisation are ______ to Realisation Account. (viii) Unrecorded asset takem by a partner is ________ to Partner's Capital Account. (ix) Balance of Realisation Account is transferred to ___________
Answer» Solution :(i) Partner's CAPITAL ACCOUNTS (ii) Realisation (III) Cash, Realisation (IV) debit, Realisation (v) not passed (vi) Partner's Capital (vii) debited (viii) debited (ix) Capital Accounts of the PARTNERS in their profit-sharing ratio

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