Q1382
Which of the following statement regarding the dissolution of a partnership firm is true:
A.
Only the assets of the firm can be used for the payment of the firm's liabilities
B.
Loss on realisation is transferred to partners, capital accounts in their capital ratio
C.
Any amount realised from the sale of an unrecorded asset is credited to the realisation account
AnswerD.
Partners loan to the firm is transferred to the realisation account with the liabilities of the firm
Answer: Option C
Solution
Answer: Option C
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