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Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?.

Solutions for Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.

Here you can find the meaning of Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The contingency fund will be debited or credited to which account?a)Partners’ Capital Accountb)Realisation Accountc)Profit and Loss Accountd)None of the aboveCorrect answer is option 'A'. 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