Question

If there is any cash or bank balance
on the date of dissolution, then it
should be *
O
Deducted from first installment
O
Added to first installment
Ignored in calculation
Given to all partners equally

Answer 1

Answer:

I think the last option is correct .Given to all partners equally

Answer 2

The correct answer is OPTION 4: Given to all partners equally.

• After the firm has been dissolved, the books must be closed.
• The firm's records include:

1. Realisation Account,
2. Partner's Loan Account,
3. Partners' Capital Accounts, and
4. a Bank or Cash Account.

• On the negative side, we indicate the starting balance, the amount made from asset sales, and the money brought in by partners.
• On the credit side, we show payments of commitments, levies, and amounts paid to partners.
• Once the partners' claims are paid, the bank/cash account has no balance.