Principles of Accounts 2011 | Study Mode

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Question 1
A
current account
B
cash account
C
capital account
D
realization account
Explanation

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 theamount of the deficit to the partnership.


Correct option: C
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Question 2
A
N27 000
B
N23 000
C
N28 000
D
N20 500
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: D
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Question 3
A
N61 000
B
N58 000
C
N62000
D
N57 000
Explanation

Explanation not provided, please join discuss, your contributions are welcomed


Correct option: C

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