When a firm decides to close its business, it is said to be _________. Options: A . &nbsp Reconstituted B . &nbsp Dissolved C . &nbsp Either Reconstituted or Dissolved D . &nbsp None of these

When a firm decides to close its business, it is said to be ________

Question

When a firm decides to close its business, it is said to be _________.

Options:

A . Reconstituted

B . Dissolved

C . Either Reconstituted or Dissolved

D . None of these

Answer: Option B
:
B

When a firm decides to close its business, it is said to be dissolved

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Question 1. On the dissolution of the firm, cash in hand is transferred to ______________. ....

Question 2. Unrecorded Asset realised at the time of dissolution is debited to __________ and credited to ___________. ....

Question 3. The expenses of Realisation are _______________ Realisation A/c. ....

Question 4. On dissolution of partnership, the realisation account is debited with : ....

Question 5. Do we need to pass entry for assets taken over by a creditor? ....

Question 6. Does court has authority to give order to dissolve the firm? ....

Question 7. _____________ is/are not transferred to Realisation A/c. ....

Question 8. Do we transfer Investment Fluctuation Reserve to Realisation A/c? ....

Question 9. _______________ assets are transferred to Realisation A/c. ....

Question 10. To transfer all the accumulated losses, the journal entry is- ....

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