Select the most appropriate answer from the alternatives given below a

Select the most appropriate answer from the alternatives given below and rewrite the sentence.i. _____ means winding up of partnership firm. (a) Dissolution (b) Formation (c) Retirement (d) Deathii. When a partner takes over a liability, his Capital Account is _ (a) debited (b) credited (c) deducted (d) none of theseiii. Dissolution expenses are debited to the _ Account. (a) Profit and Loss (b) Trading (c) Capital (d) Realisationiv. The debit balance on Realisation A/c indicates _ (a) profit (b) loss (c) gain (d) deficiencyv. The partner who is unable to pay his liabilities is called an _ partner. (a) solvent (b) working (c) insolvent (d) sleepingvi. Debit balance of insolvent Partner’s Capital Account is known as ___(a) capital deficiency (b) capital surplus (c) profit (d) loss

Answer»

i. (a) Dissolution

ii. (b) credited

iii. (d) Realisation

iv. (b) loss

v. (c) insolvent

vi. (a) capital deficiency