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P1 C7 DISSOLUTION OF PARTNERSHIP — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP1 C7 DISSOLUTION OF PARTNERSHIP3 Marks
Question
State whether the following are true or false. Ractify the false statement:
$(1)$ If dissolution expenses to be paid by the firm are actually paid by a partner, then it is not recorded in the books.
$(2)$ Realisation A/c is also known as profit and loss adjustment A/c.
$(3)$ If no realisation amount of intangible assets is not given at the time of dissolution then it is assumed that noting has been realised from them.
✓

Answer

$1.$ False : It is debited to realisation account and credited to respective partners capital account.
$2.$ False: Realisation account is known Disposal Account.
$3.$ True

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