Board Question Paper : March 2019 — Elements of Account STD 12 Commerce — Question

Write the journal entry for closing assets account on dissolution of partnership firm.

What is voluntary dissolution ?

State the profitability ratios.

Where will you disclose the following items given in a trial balance during the preparation of a final account of a partnership firm : Goods return debit

Where is the credit balance of revaluation acount shown at the time of the reconstitution of partnership ?

Which account is opened to record changes in the value of assets and liabilities at the time of admission of a new partner.

Can debentures be forfeited if any debenture holder does not pay any amount of instalments on debentures ?

State the circumstances of a Partner's retirement.

Give illustration of net cash outflow.

What is revaluation of goodwill?