Match List – I with List – II.

Choose the correct answer from the options given below :

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

The correct answer is option 1- (A)-(II), (B)-III), (C)-(IV), (D)-(I).

(A) Increase in assets at the time of retirement- (II) Credit side of Revaluation Account.
For increase in the value of an asset-
Asset A/c Dr.
   To Revaluation A/c
This is true. The increase in asset value is a gain for the firm, so the asset is debited and the gain is credited to the Revaluation Account.

(B) Asset taken over by the partner at the time of dissolution of the firm- (III) Credit side of Realisation Account.
For an asset taken over by a partner-
Partner’s Capital A/c Dr.
      To Realisation A/c
When a partner takes over such assets, they need to be brought into the books and accounted for. This is done by recording the asset on the credit side of the Realisation Account. 

(C) Unrecorded Liability at the time of admission of the partner- (IV) Debit side of Revaluation Account.
For recording in the amount of a unrecorded liability-
Revaluation A/c  Dr.
       To Liability A/c
This is true. Introducing an unrecorded liability results in a loss, so the Revaluation Account is debited

(D) Remuneration paid for realization of assets- (I) Debit side of Realisation Account.
When some expenses are incurred and paid by the firm in the process of realisation of assets and payment of liabilities:
Realisation A/c Dr.
    To Bank A/c