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Adjustment in Partner's Capital A/c

assets are tr...

Question

_______________ assets are transferred to Realisation A/c.

A

Solvent partners

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B

The firm itself

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C

Partner's estate

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D

Partner's Legal Heirs

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Solution

The correct option is A
Solvent partners

Non-cash assets are transferred to Realisation A/c.

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Similar questions

Q. Select the most appropriate alternative from those given below :

In case of dissolution assets and liabilities are transferred to _____________A/c.
a) Bank A/c
b) Partner’s capital A/c
c) Realisation A/c
d) Partner’s current A/c

Q. Select the most appropriate alternative from those given below :

Dissolution expenses are credited to _____________A/c.
a) Realisation A/c
b) Cash/Bank A/c
c) Partner’s Capital A/c
d) Partner’s Loan A/c

Q. A, B and C were partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2019, A's Capital and B's Capital were ₹ 30,000 and ₹ 20,000 respectively but C owed ₹ 5,000 to the firm. The liabilities were ₹ 20,000. The assets of the firm realised ₹ 50,000.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.

Q. Consider the following statements :
1. At the time of admission of new partner undistributed profit or losses are distributed to all partners in new ratio.
2. Profit or loss on revaluation of assets and liabilities is transferred to old partner's capital account in old profit sharing ratio.
3. Goods brought in by incoming partner in cash for joining in a partnership firm is taken away by the old partner's in their new profit-sharing ratio.
Which of the above statement/s is/are true ?

Q. Profit and loss on revaluation of assets is transferred to partner's capital account in which ratio?

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