Furniture recorded in the Balance Sheet is Rs. 54,000, which is overvalued 2 poin
by 20%. Calculate actual value after the adjustment.
Rs. 45,000
ОО
Rs. 43,200
Rs. 68,800
Answers
Answer:
Pakistan gets the bulk of its military equipment from local domestic suppliers, China, and the United States. ... Since then, the armed forces have played a decisive role in the modern history of Pakistan, fighting major wars with India in 1947, 1965 and 1971, and on several occasions seizing control of the government.Furniture recorded in the Balance Sheet is Rs. 54,000, which is overvalued 2 poin
by 20%. Calculate actual value after the adjustment.
Rs. 45,000
ОО
Rs. 43,200
Rs. 68,800
Explanation:
Basis Dissolution of Partnership Dissolution of Firm
1. Termination of The business is not The business of the firm is
business terminated. closed.
2. Settlement of Assets and liabilities are Assets are sold and
assets and revalued and new balance liabilities are paid-off.
liabilities sheet is drawn.
3. Court’s Court does not intervene A firm can be dissolved by
intervention because partnership is the court’s order.
dissolved by mutual
agreement.
4. Economic Economic relationship Economic relationship
relationship between the partners between the partners
continues though in comes to an end.
a changed form.
5. Closure of books Does not require because The books of account are
the business is not closed.
terminated.
6. Other dissolution It may or may not involve It necessarily involves
dissolution of the firm. dissolution of partnership.
Test your Understanding – I
State giving reasons, which of the following statements are true or false:
1. Dissolution of a partnership is different from dissolution of a firm,
2. A partnership is dissolved when there is a death of a partner,
3. A firm is dissolved when all partners give consent to it.
4. A firm is compulsorily dissolved when a partner decide to retire.
5. Dissolution of a firm necessarily involves dissolution of partnership.
6. A firm is compulsorily dissolved when all partners or when all except one partner
become involvent.
7. Court can order a firm to be dissolved when a partner becomes insane.
8. Dissolution of partnership can not take place without intervention of
the court.