Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account. Option 1: Realisation A/c Dr To Bank A/c Option 2: Bank A/c Dr To Realisation A/c Option 3: Creditor A/c Dr To Asset A/c Option 4: No Entry

The answer is 'No Entry'. View full solution:

CUET Accountancy - Select the entry that is to be made when a creditor accepts an asset in full and final settlement of his account. | PYQs + Solutions

CUET Accountancy 2023 11 June Shift 3

Partnership

Medium

Realisation A/c Dr

To Bank A/c

Bank A/c Dr

To Realisation A/c

Creditor A/c Dr

To Asset A/c

No Entry

✅ Correct Option: 4

Related questions:

26 May Shift 2

As per Section 48 of the Partnership Act 1932, which of the following will be utilized for payment of losses, including deficiencies of capital:

(A) Out of Profits

(B) Out of capital of Partners

(D) Creditors Assets

Choose the correct answer from the options given below:

3 June Shift 1

According to section _________ of the Partnership Act, 1932, the dissolution of partnership between all the partners of a firm is called the dissolution of the firm.

29 May Shift 2

At the time of dissolution, a firm transferred Rs.100,000 Assets to the realization account and 50% of the assets were taken over by Kiran at 20% discount. How much net assets were taken over by Kiran?

CUET Accountancy 2023 11 June Shift 3 PYQs

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