Settlement of Accounts

IMPORTANT

Settlement of Accounts: Overview

This topic covers concepts, such as, Settlement of Accounts on Dissolution of Firm and Treatment of Existence of Private Debts and Firm’s Debts in a Firm etc.

Important Questions on Settlement of Accounts

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 1

What is the impact on partners’ capital accounts when losses on realization are distributed among them?

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 2

What is the procedure for settling partners' loans in priority over capital accounts during dissolution?

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 3

How are reserves and accumulated losses distributed among partners during dissolution?

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 4

How is the deficiency of creditors paid off at the time of dissolution of a firm?

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 5

What is the order of settlement of accounts on dissolution?

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 6

How should a partner’s loan be dealt with if it appears on the liabilities side of the balance sheet during dissolution?

MEDIUM
IMPORTANT
Accountancy>Dissolution of Partnership Firm>Settlement of Accounts> Q 7

How should a partner’s loan be dealt with if it appears on the assets side of the balance sheet during dissolution?