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Home Questions 77C6RJ4RBM
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

Match list I with list II and choose the correct ans from the options given below:

LIST 1 LIST 2
A) Transfer of accumulated profits I) Realisation account
B) Unrecorded assets sold on dissolution of firm II) Profit and loss account
C) Manager's Commission III) Profit and loss Appropriation account
D) Partner's commission IV) Partner's Capital Account

 

Options:

A-IV, B-I, C-III, D-II

A-IV, B-I, C-II, D-III

A-IV, B-II, C-III, D-I

A-IV, B-III, C-II, D-I

Correct Answer:

A-IV, B-I, C-II, D-III

Explanation:

The correct answer is option 2- A-IV, B-I, C-II, D-III.

LIST 1 LIST 2
A) Transfer of accumulated profits IV) Partner's Capital Account
B) Unrecorded assets sold on dissolution of firm I) Realisation account
C) Manager's Commission II) Profit and loss account
D) Partner's commission III) Profit and loss Appropriation account

 

* Transfer of accumulated profits- Accumulated profits and losses are distributed between partners. These are transferred to capital account or current account of the partners.

* Unrecorded assets sold on dissolution of firm- Unrecorded assets sold on dissolution of firm is shown on the credit side of realisation account.

* Manager's Commission- Manager's commission is a charge against profit so it is shown in debit side of profit and loss account.

* Partner's commission- Partner's commission is a appropriation of profit so it is shown in debit side of profit and loss appropriation account.

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