‘Complete the following Statement’: When a liability is discharged by a partner, at the time of dissolution, Capital Account is credited because__. (C.B.S.E. Sample Paper 2019) Post category:Accountancy Reading time:1 mins read SOLUTION The claim of the partner against the firm is increased by the amount of liability assumed. Please Share This Share this content Opens in a new window Twitter Opens in a new window Facebook Opens in a new window Google+ Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostState any one occasion for the dissolution of the firm on Court’s orders. (Delhi 2017 C) Next PostName an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment. (C.B.S.E. 2020) You Might Also Like If total assets of a firm are Rs. 12,00,000 and total liabilities are Rs. 2,40,000, what will the capitals of P, Q and R if they share profits in the ratio of their capitals and profit-sharing ratio is 1: 2: 3. September 27, 2022 A, B and C are partners sharing profits in the ratio of 1 / 4: 3 / 10: 9 / 20. What will be the new ratio on the retirement of C? September 27, 2022 Following are the Balance Sheets of Krish tec Ltd. for the years ended 31st March 2012 and 2011: August 18, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.