On dissolution of a firm, the balance in the partners' capital accounts after all adjustments is transferred to: MCQ with Answer and Explanation

Explanation:
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.

Explanation:
Preliminary expenses are fictitious assets representing past expenditures that haven't been completely written off to the P&L account.

Explanation:
ITC on motor vehicles is generally blocked, but allowed if used for specified purposes like transport services, further supply, etc.