Question 30 The purpose of revaluation account is to ascertain Not yet answered Marked out of 1.00 Flag question None of the listed choices The realization of assets and payment of liabilities, The profit or loss arising on account of reassessment of assets and revaluation of liabilities. The profit or loss arising on account of revaluation of assets and reassessment of liabilities. Question 29 Not yet answered Marked out of 1.00 Dissolution of the firm by court takes place under the following circumstances. 1. A partner becomes insane. Where the business becomes illegal. III. A partner becomes permanently incapable of performing his duties as a partner IN Flag question Question 30 Not yet The pur I, III TH Juation account is to ascertain: Question 28 Which among the following statement is correct? Not yet answered Marked out of 1.00 Statement No 1 - An increase in the provision is a loss and a decrease in the provision is a gain Flag question Statement No 2 - New provision will be deducted from the sundry debtors and net amount will be shown in the asset side of balance sheet. Only statement No 1 is correct Both statements are correct None of the statements are correct. Only statement No 2 is correct. stances Question 26 Not yet In the revaluation account a decrease in the value of plant and machinery: answered e Marked out of 1.00 F Flag question Appears on the debit side. Appears on the debit side of good will account. Appears on the credit side None of the listed choices Question 25 Not yet In a realization account loss arises if answered Marked out of 1.00 P Flag question Assets are realized at less than the book value and/or liabilities are settled at more than book value Assets are realized at more than the book value and/or liabilities are settled at more than book value. Assets are realized at more than the book value and/or liabilities are settled at less than book value. Assets are realized at less than the book value and/or liabilities are settled at less than book value Question 24 Not yet Which among the following statement is correct? answered Marked out of 100 Flag question All the listed choices Liquidation of partnership means the termination of partnership Liquidation of partnership means the firm will not operate further Partnership liquidation ends both legal and economic life of the entity