Practicing Success
Practicing Success
CUET Preparation Today
Match the following-
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a) 3, b) 2, c) 1, d) 4 a) 3, b) 2, c) 4, d) 1 a) 2, b) 3, c) 4, d) 1 a) 2, b) 4, c) 3, d) 1 |
a) 3, b) 2, c) 4, d) 1 |
* Dissolution of firm- On dissolution of a firm, all the books of account are closed, all assets are sold and all liabilities are paid off. In order to record the sale of assets and discharge of liabilities, a nominal account is opened named realisation account. * Reconstitution of firm- A Revaluation Account is outlined to determine net profit or loss on revaluation of assets and liabilities at the time of reconstitution of partnership firm.. * Partner's loan- Partner's loan is not a outsider liability. It is paid after outsider liability. * Loan by a firm to partner- If firm has given any loan to partner then it is advance from the firm so it is a asset for the firm. |
