Match List-I with List-II
| List-I Dissolution Transactions | List-II Journal Entry |
|---|---|
| (A) For an asset taken over by a partner | (I) Bank A/c ............Dr To Partner’s Capital A/c |
| (B) Realisation expenses are paid by a partner on behalf of the firm | (II) Partner’s Capital A/c .....Dr. To Realisation A/c |
| (C) For settlement of partners’ accounts if the partner’s capital account shows a debit balance | (III) Realisation A/c .....Dr. To Bank A/c |
| (D) For settlement of any unrecorded liability | (IV) Realisation A/c.........Dr. To Partner’s Capital A/c |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) →
(A) - (II), (B) - (IV), (C) - (I), (D) - (III)