Fill in the blanks with suitable words

  1. The Indian Partnership Act was enacted in the year _______.
  2. When partnership is at _______, any partner can give a notice in writing to all the other partners of his intention to dissolve the firm.
  3. A firm is compulsorily dissolved if all the partners or all the partners except one are _______.
  4. Realisation Account is a _______ Account.
  5. Loan given to a firm by a partner’s wife is a _______ to third party.
  6. Profit/loss on dissolution is to be distributed among partners in the _______ ratio.
  7. A minor partner is not entitled to bear realization _______.
  8. Unrecorded asset will _______ be transferred to Realisation Account.
  9. ________ liability will never be transferred to Realisation Account.
  10. When Goodwill account does not appear in the balance sheet, the same is ________ to Realisation Account.
  11. Liabilities +Capital – Given Assets = _______.
  12. A partner with debit balance in his capital account and unable to bring in necessary cash, he is said to be _______.
  13. Rule of Garner vs. Murray is applied if there is no specific _______ among partners.
  14. When capitals are fixed, any losses left unadjusted in the balance sheet will have to be adjusted directly on the ________.
  15. When capitals are fixed, the capitals on the date of dissolution constitute ______.
  16. When capitals are fluctuating, capital ratios will be arrived at after making _______.
  17. Solvent partners need not bring ________ to their share of loss on realisation.
  18. Loss on realisation/debit balance in profit and loss A/c are transferred to ________ when capitals are fixed and to _______ when capitals are fluctuating.
  19. The rule Garner vs. Murray may be applied only if there are at least _______ solvent partners in a firm.
  20. When all the partners are insolvent, it will result in insolvency of _______.
  21. Unless the available cash is sufficient to pay creditors in full, we have to prepare _______ Realisation Account.
  22. A minor is admitted to the _______ of the firm only.
  23. All assets and outside liabilities are to be transferred at their _______ values to Realisation Account, when sale of a firm to a company takes place.
  24. Cash and Bank represent assets. So they are ________ in the purchase consideration.
  25. Assets and liabilities not taken over by the purchasing company may be dealt through _______ Account.
  26. On piecemeal distribution, two methods are adopted, 1 _______, 2 ________ to apportion cash realised among the partners.
  27. Interview payments should not result in _______.
  28. In the end, after all realisation have been made, final deficit balances must be in _______ ratio.
  29. On gradual realisation of assets, first priority for distribution of realised cash will be for payments of ________.
  30. Under Maximum Possible Loss Method it is presumed that the unrealised assets are _______.