fill in the blanks with suitable words 608235
Fill in the blanks with suitable words
- The Indian Partnership Act was enacted in the year _______.
- When partnership is at _______, any partner can give a notice in writing to all the other partners of his intention to dissolve the firm.
- A firm is compulsorily dissolved if all the partners or all the partners except one are _______.
- Realisation Account is a _______ Account.
- Loan given to a firm by a partner’s wife is a _______ to third party.
- Profit/loss on dissolution is to be distributed among partners in the _______ ratio.
- A minor partner is not entitled to bear realization _______.
- Unrecorded asset will _______ be transferred to Realisation Account.
- ________ liability will never be transferred to Realisation Account.
- When Goodwill account does not appear in the balance sheet, the same is ________ to Realisation Account.
- Liabilities +Capital – Given Assets = _______.
- A partner with debit balance in his capital account and unable to bring in necessary cash, he is said to be _______.
- Rule of Garner vs. Murray is applied if there is no specific _______ among partners.
- When capitals are fixed, any losses left unadjusted in the balance sheet will have to be adjusted directly on the ________.
- When capitals are fixed, the capitals on the date of dissolution constitute ______.
- When capitals are fluctuating, capital ratios will be arrived at after making _______.
- Solvent partners need not bring ________ to their share of loss on realisation.
- Loss on realisation/debit balance in profit and loss A/c are transferred to ________ when capitals are fixed and to _______ when capitals are fluctuating.
- The rule Garner vs. Murray may be applied only if there are at least _______ solvent partners in a firm.
- When all the partners are insolvent, it will result in insolvency of _______.
- Unless the available cash is sufficient to pay creditors in full, we have to prepare _______ Realisation Account.
- A minor is admitted to the _______ of the firm only.
- All assets and outside liabilities are to be transferred at their _______ values to Realisation Account, when sale of a firm to a company takes place.
- Cash and Bank represent assets. So they are ________ in the purchase consideration.
- Assets and liabilities not taken over by the purchasing company may be dealt through _______ Account.
- On piecemeal distribution, two methods are adopted, 1 _______, 2 ________ to apportion cash realised among the partners.
- Interview payments should not result in _______.
- In the end, after all realisation have been made, final deficit balances must be in _______ ratio.
- On gradual realisation of assets, first priority for distribution of realised cash will be for payments of ________.
- Under Maximum Possible Loss Method it is presumed that the unrealised assets are _______.