Preparation of a Memorandum Balance Sheet helps to ascertain the missing figures in case of incomplete information.

Question

State which of the following statements is True or False: 

1.Preparation of a Memorandum Balance Sheet helps to ascertain the missing figures in case of incomplete information. 

2. The amount of loss to the firm on account of insolvency of a partner is borne by the solvent partners in the firm

Answer 1

1.True, 

2.True,