Select the most appropriate answer from the alternatives given below and rewrite the sentences.
i. In case of dissolution assets and liabilities cire transferred to _________ Account.
(a) Bank Account
(b) Partner’s Capital Account
(c) Realisation Account
(d) Partner’s Current Account
ii. Dissolution expenses are credited to __________Account.
(a) Realisation Account
(b) Cash/Bank Account
(c) Partner’s Capital Account
(d) Partner’s Loan Account
iii. Deficiency of insolvent partner will be suffered by solvent partners in their _________ ratio.
(a) capital ratio
(b) profit sharing ratio
(c) sale ratio
(d) liquidity ratio
iv. If any asset is taken over by partner from firm his Capital Account will be ___________
(a) credited
(b) debited
(c) added
(d) divided
v. If any unrecorded liability is paid on dissolution of the firm ______________ account is debited.
(a) Cash/Bank Account
(b) Realisation Account
(c) Partner’s Capital Account
(d) Loan Account
