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How are unrecorded assets treated at the time of dissolution of a firm?

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Important Questions on Economics

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Other Subjects>Economics>Economics>Simple Economics
How is the deficiency of creditors paid off at the time of dissolution of a firm?
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Other Subjects>Economics>Economics>Simple Economics
What is the correct accounting treatment when a partner takes over an asset at a value different from its book value during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
What journal entries are needed for realization of various assets and settlement of liabilities during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
What is the difference between firm’s debts and partner’s private debts?
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Other Subjects>Economics>Economics>Simple Economics
How should unrecorded assets be treated during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
How does a realisation account differ from a revaluation account?
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Other Subjects>Economics>Economics>Simple Economics
Explain the process of dissolution of a partnership firm.
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Other Subjects>Economics>Economics>Simple Economics
What is a Realisation Account, and what is its purpose?
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Other Subjects>Economics>Economics>Simple Economics
What are the steps involved in preparing a Realisation Account during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
What is the format of a Realisation Account?
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Other Subjects>Economics>Economics>Simple Economics
What is the impact on partners’ capital accounts when losses on realization are distributed among them?
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Other Subjects>Economics>Economics>Simple Economics
How should a partner’s loan be dealt with if it appears on the assets side of the balance sheet during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
How are realisation expenses handled if they are paid by a partner?
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Other Subjects>Economics>Economics>Simple Economics
What is the procedure for settling partners' loans in priority over capital accounts during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
How are realisation expenses handled if they are paid by the firm?
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Other Subjects>Economics>Economics>Simple Economics
What are the journal entries required when creditors accept assets other than cash in full or partial settlement of their claims?
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Other Subjects>Economics>Economics>Simple Economics
How are unrecorded liabilities treated at the time of dissolution of a firm?
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Other Subjects>Economics>Economics>Simple Economics
How should unrecorded liabilities be treated during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
How do you record the settlement of creditors at a discount during dissolution?
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Other Subjects>Economics>Economics>Simple Economics
What is the difference between dissolution of partnership and dissolution of a partnership firm?