Maharashtra State BoardHSC Arts 12th Board Exam
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Write the Word / Term / Phrase, Which Can Substitute the Following Statement. Expenses Incurred on Dissolution of a Partnership Firm. - Book Keeping and Accountancy

One Line Answer
One Word Answer
Short Note

Write the word / term / phrase, which can substitute the following statement.
Expenses incurred on dissolution of a partnership firm.

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Solution

Dissolution/Realisation Expenses

Explanation: Dissolution/Realisation Expenses are the expenses incurred on dissolution of a firm. These expenses belong to the firm and hence, they should be paid by the firm. However, sometimes these expenses are paid by the firm on behalf of a partner. In such cases, the Concerned Partner’s Capital Account is debited.

Concept: Dissolution of Partnership Firm
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 6 Dissolution of Partnership Firm
Exercise | Q 10 | Page 181
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