The transactions relating to liquidation in partnership account is drawn by using?
Current account
Cash account
Capital account
Realization account
Correct answer is C
If the partnership decides to liquidate, the assets of the partnership are sold, liabilities are paid off, and any remaining cash is distributed to the partners according to their capital account balances. If a partner's capital account has a deficit balance, that partner should contribute the amount of the deficit to the partnership.
The major objective of departmental accounts is to ascertain the?
Contribution of each department to profit
Materials sold in each department
Insurance premium payable on employees
Number of employees in each department
Correct answer is A
No explanation has been provided for this answer.
The capital of not-for-profit-making organization is referred to as?
Entity fund
Capital owned
Accumulated fund
Capital employed
Correct answer is C
No explanation has been provided for this answer.
The subscription paid in advance is treated in the balance sheet of a club as?
A surplus
A liability
A deflicit
An asset
Correct answer is B
No explanation has been provided for this answer.
The major festure of not-for-profit-making-organization is that they are formed?
To use accumulated fund to described the net amount owed to members
Mainly to improve the welfare of her member
To engaged in trading activities to sponsor its activities
In order to compute the receipts and payment account
Correct answer is B
No explanation has been provided for this answer.