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DP
Question Practice

What is done when a creditor accepts a non-cash asset in settlement of a claim?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Accountancy
Accountancy Part - I
Dissolution of Partnership Firm
Question Bank

What is done when a creditor a...

Single Answer MCQ
Q-00082356

What is done when a creditor accepts a non-cash asset in settlement of a claim?

1

Credit both asset and liability accounts

2

Credit only the asset account

3

Debit the liability and asset accounts

4

Record as a loss

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What is the meaning of dissolution of partnership firm?

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Differentiate between dissolution of partnership and dissolution of partnership firm.

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Describe the various modes of dissolution of a partnership firm.

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Q4.

Explain the rules relating to the settlement of claims among all partners during dissolution.

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