Question # 1

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

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Realization account

Partners capital account

Assets account

None of these

General reserve at the time of admission of anew partner is credited.

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New partner capital account

General reserve account

Old parners capital account

All partners capital account

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

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All the partners

Retiring partner

Remaining partner

None of these

The face value of the share is also known as.

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Book value

Par value

Market value

None of these

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

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Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

Where a partner become unsound mind the dissolution is considered as.

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Dissolution by court

Dissolution by Notice

Dissolution by agreement

Compulsory dissolution

When a firm dissolved with the consent of all the partners it is called.

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Dissolution by notice

Dissolution by agreement

Dissolution by court

Compulsory dissolution

To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,

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Balance sheet

Trading account

Trial balance

Statement of affairs

the term depreciationis used with reference to.

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Tangible assets

Intangible asets

Current assets

Fixed assets

Lagacies are generally treated as.

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Income

Capitalized

Assets

Liability

premium on issue of shares is shown in.

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Assets side of balance sheet

Liabilities side of balance sheet

Trading account

Profit and loss account

Depreciation caused by some external amoutn of anual depreciation gradully.

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Increase

Decrease

Remain constant

None of these

If any partner takes over any asset at the time of dissolution then it should be debited to.

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Partner's capital accounts

Realization account

Cash account

None of these

An income and expenditure account is.

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Normal account

Real account

Persoanl account

None of these

A partner, who hasnot attained the age of majority is called.

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Junior partner

Minor partner

Nominal patner

Quasi Partner

The basic club record or book of original entry in non-profit making organization

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Purchase book

Sales book

Cash book

"a" and "b"

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