Question

in disolution of a firm, closing balance on cash/bank account is nil. Is it correct ?​

Answer 1

Answer:

And on the credit side, we show payment of liabilities, expenses and amount paid to partners. After settling the claims of the partners, there is no balance in the Bank/Cash Account.

Missing: nil. ‎| Must include: nil.

Answer 2

Answer:

And on the credit side, we show payment of liabilities, expenses and amount paid to partners. After settling the claims of the partners, there is no balance in the Bank/Cash Account.