‘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 Nusrat and Sonu were partners in a firm sharing profits in the ratio of 3: 2. During the year ended 31st March, 2015 Nusrat had withdrawn Rs. 15,000. Interest on her drawings amounted to Rs. 300. Pass necessary Journal entry for charging interest on drawings assuming that the capitals of the partners were fixed. (Delhi 2016) October 7, 2022 Calculate Inventory Turnover Ratio from the data given Below: August 13, 2022 In which ratio do the remaining partners acquire the share of profit of the retiring partner? (Delhi 2018 C) October 8, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.