Match List-I with List-II
|
List-I |
List-II |
|
(A) On dissolution of a firm, creditors is transferred to: |
(I) Bank account is credited |
|
(B) Unrecorded liabilities when paid: |
(II) Realization Account |
|
(C) When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to: |
(III) Bank account is debited. |
|
(D) When unrecorded assets are sold |
(IV) Partner's Capital Account |
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (A)-(II), (B)-(I), (C)-(IV), (D)-(III)
|
List-I |
List-II |
|
(A) On dissolution of a firm, creditors is transferred to: |
(II) Realization Account |
|
(B) Unrecorded liabilities when paid: |
(I) Bank account is credited |
|
(C) When realization expenses are paid by the firm on behalf of a partner, such expenses are debited to: |
(IV) Partner's Capital Account |
|
(D) When unrecorded assets are sold |
(III) Bank account is debited. |