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Which of the following is transferred ...

Which of the following is transferred to Realisation Account :

A

Balance of Cash Account

B

Balance of profit & Loss account

C

Amount realised on sale of assets

D

Reserves

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The correct Answer is:
C
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In which of the following is transfer mechanism found?

The book value of assets (other than cash and bank) transferred to Realisation Account is Rs. 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%, 40% of the remaining assets are sold at a profit of 30% on cost, 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a Creditor, in full settlement of his claim. You are required to record the journal entries for realisation of assets.

DK GOEL-DISSOLUTION OF A PARTNERSHIP FIRM-MULTIPLE CHOICE QUESTIONS
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  2. Profit or loss of realisation account is transferred to :

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  3. Which of the following is transferred to Realisation Account :

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  4. Which of the following in not transferred to Realisation Account:

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  5. On taking Responsibility of payment of a liability of Rs, 50,000 by Pa...

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  6. Cash Balance shown in the Balance sheet is shown on dissolution...

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  7. On Firm 's Dissolution , on realisation of goodwill (which was shown...

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  8. On dissolution of a firm ,Its Balance sheet revealed total credot...

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  9. On Firm 's Dissolution ,when a partner voluntarily gives his person...

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  10. On Dissolution of the firm , amount received from sale of unreco...

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  11. On dissolution ,when a patner takes over an asset ………… is debited

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  12. In case of dissolution ,assets are transferred to realisation Ac...

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  13. On dissolution, the balance of a partner's capital account appear...

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  14. On dissolution partner's Loan transferred to :

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  15. Sundry creditors amounted to Rs, 8,000 These were paid at a disco...

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  16. There was an Unrecorded asset of Rs, 2,000 which was taken over ...

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  17. On Dissolution of a firm , an unrecorded furniture of the value o...

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  18. On the basis of following data final payments to a partner on fir...

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  19. On payment of expenses of dissolution , account will be debited :

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  20. An Unrecorded asset was valued at Rs, 1,00,000. On firm 's Dissolu...

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