While preparing memorandum Balance Sheet if the Asset side is more than the Liabilities

side &Partners Capital is already appearing on the Liabilities side, the balancing figure
will be :-
answer choices

(a) Profit and Loss (Dr.)

(b) Creditors
(c) Furniture
(d) Cash
 Question 20
 120 seconds
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Q. 
. There were investment worth Rs. 1,20,000, 75% of the investment were taken over by a
Partner at75% of their book value. The value at which the investment are taken over is:-
answer choices

(a) Rs. 90,000

(b) Rs. 67,500
(c) Rs. 80,000
(d) Rs. 65,000
 Question 21
 120 seconds
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Q. 
50% of the Furniture valued at Rs. 20,000, taken by a Partner at Rs. 18,000, and
remaining50% will be sold at 20%less than the book value, amount transferred to Bank
Account will be:-
answer choices

(a) Rs. 20,000

(b) Rs. 10,000
(c) Rs. 16,000
(d) None of the above
 Question 22
 60 seconds
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Q. 
Furniture of Rs. 5,500 appears in the balance sheet on the date of dissolution of the
Partnership firm, realised at a loss of 10% on selling price. Amount collected from
furniture ____________.
answer

5,000
alternatives

5000
RS. 5000
RS. 5,000
 Question 23
 60 seconds
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Q. 
At the time of Dissolution of firm, goodwill appearing the balance sheet is transferred to
_________Account.
answer

Realisation Account
alternatives

Realisation A/c
 Question 24
 60 seconds
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Q. 
If workmen compensation reserves appearing in balance sheet at Rs 30,000 and there is
claim of Rs 18,000 to be paid against it then _______ amount will be transferred to
partners capital account .
answer

12,000
alternatives

Rs. 12,000
Rs. 12000
12000
 Question 25
 60 seconds
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Q. 
At the time of dissolution of Partners’ firm closing balances of Partners’ Capital Account
is transferred to ________Account
answer

Cash
alternatives

Bank