Arrange the following steps in their ascending order in the context of the reconstitution of the partnership:
Arrange the following steps in their ascending order in the context of the reconstitution of the partnership:
a) Preparation of Partner’s Capital Accounts
b) Preparation of the Balance Sheet of the reconstituted firm.
c) Revaluation of Assets and Reassessment of Liabilities
d) Preparation of Bank Account
a) i, iii), ii), iv)
b) iii), ii), iv), i)
c) iv), iii), i), ii)
d) iii), i), iv), ii)
Anurag Pathak Changed status to publish May 7, 2023
Ans – d)
Explanation:-
First Revaluation A/c is prepared
2nd partner’s capital A/c is prepared
3rd Bank Account is prepared
4th Balance Sheet is prepared
Anurag Pathak Changed status to publish May 7, 2023