Home
Class 12
ACCOUNTS
The accumulated profits and reserves are...

The accumulated profits and reserves are transferred to :
1)Realisation Account
2) Partners’ Capital Accounts
3)Bank Account
4)None of the above.

A

Realisation Account

B

Partners’ Capital Accounts

C

Bank Account

D

None of the above.

Text Solution

Verified by Experts

The correct Answer is:
B
Promotional Banner

Topper's Solved these Questions

  • DISSOLUTION OF PARTNERSHIP FIRM

    NCERT|Exercise Test your Understanding – III|10 Videos

  • DISSOLUTION OF PARTNERSHIP FIRM

    NCERT|Exercise Short Answer Questions|6 Videos

  • DISSOLUTION OF PARTNERSHIP FIRM

    NCERT|Exercise Test your Understanding – I|8 Videos

  • CASH FLOW STATEMENT

    NCERT|Exercise Numerical Questions|12 Videos

  • FINANCIAL STATEMENTS OF A COMPANY

    NCERT|Exercise Long Answer Questions|8 Videos

Similar Questions

Explore conceptually related problems

Bora , Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1 . On 2nd March , 2019 , their firm was dissolved . The assets were realised and the liabilities were paid off . Given below are the Realisation Account , Partner's Capital Accounts and Bank Account of the firm . The accountant of the firm left a few amounts unposted in these accounts . You are required to complete these accounts by posting the correct amounts .

The partnership between A and B was dissolved on 31st March , 2019 . On that date the respective credits to the capitals were A - ₹ 1,70,000 and B - ₹ 30,000 , ₹ 20,000 were owed by B to the firm , ₹ 1,00,000 were owed by the firm to A and ₹ 2,00,000 were due to the Trade Creditors . Profits and losses were shared in the proportions of 2/3 to A , 1/3 to B . The assets represented by the above stated net liabilities realised ₹ 4,50,000 exclusive of ₹ 20,000 owed by B . The liabilities were settled at book figure . Prepare Realisation Account , Partner's Capital Accounts and Cash Account showing the distribution to the partners .