Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

At the time of dissolution of partnership firm, fictitious assets are transferred to :

Options:

Realisation Account

Creditor's Account

Partner's Capital Account

Profit & Loss Account

Correct Answer:

Partner's Capital Account

Explanation:

For transfer of fictitious assets, if any, to partners’ capital accounts in their profit sharing ratio:
Partners’ Capital A/c (individually) Dr.
        To Fictitious Asset A/c
(Fic. assets are written off)