Target Exam

CUET

Subject

Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

Identify the entries which are correct:

(A) For remuneration of partner - Debit Realisation A/c and Credit Partner’s Capital A/c

(B) For sale of assets - Debit Realisation A/c and Credit Bank A/c

(C) For settlement of unrecorded liability - Debit Realisation A/c and Credit Bank A/c

(D) For transfer of general reserve - Debit General Reserve A/c and Credit Partners’ Capital A/c

Choose the correct answer from the options given below:

Options:

(A), (B), (C) and (D)

(A), (B) and (C) only

(B), (C) and (D) only

(A), (C) and (D) only

Correct Answer:

(A), (C) and (D) only

Explanation:

The correct answer is Option (4) → 

(A), (C) and (D) only