Identify the situation when no entry is required in case of dissoluti…

The correct answer is Option (3) → When a creditor accepts a fixed asset in payment of his/her dues

Both the asset and the creditor already stand in the Realisation Account. When the creditor takes the asset in full and final settlement, nothing is received or paid, so no journal entry is passed.

Option (1) When a Partner accepts a fixed asset in payment of his dues — Incorrect. The partner's capital account is debited and Realisation Account credited for the asset taken over.

Option (2) When partner makes payment of some firm's liability — Incorrect. Realisation Account is debited and the partner's capital account credited.

Option (4) When partner's loan is paid by giving some asset — Incorrect. The partner's loan account is not in the Realisation Account, so the settlement must be recorded.