i. The account records all realisable assets and external liabilities of the firm on dissolution. ii. The partner who bears capital deficiency

Question

Give the word/term/phrase which can substitute each of the following statements.

i. The account records all realisable assets and external liabilities of the firm on dissolution.

ii. The partner who bears capital deficiency of an insolvent partner.

OR

The person who bears insolvency loss of an insolvent partner.

iii. Account to which the ultimate unpaid balances on the outside liability accounts are transferred on dissolution.

Answer 1

i. Realisation Account

ii. Solvent Partner

iii. Deficiency Account