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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

Match the following lists.

List 1 List 2
A) Loss on realisation I) Debit partner's capital A/c
B) Profit on realisation II) Credit realisation A/c
C) Asset sold III) Credit partner's capital A/c
D) Creditors paid IV) Debit realisation A/c

Choose the correct answer from the options given below.

Options:

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

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

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

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

Correct Answer:

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

Explanation:

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

List 1 List 2
A) Loss on realisation I) Debit partner's capital A/c
B) Profit on realisation III) Credit partner's capital A/c
C) Asset sold II) Credit realisation A/c 
D) Creditors paid IV) Debit realisation A/c

 

* For transfer of profit and loss on realisation-
(a) In case of profit on realisation
   Realisation A/c Dr.
       To Partners’ Capital A/c (individually) A/c
(b) In case of loss on realisation
   Partners’ Capital A/c (individually) Dr.
           To Realisation A/c

* For sale of assets-
   Bank A/c Dr.
        To Realisation A/c

*  For payment of liabilities i.e. creditors-
      Realisation A/c Dr.
         To Bank A/c

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