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:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) →
(A), (C) and (D) only