Select the way by which provisions appearing in the Balance Sheet of a partnership firm are closed at the time of firm's dissolution. Option 1: Transferring them to the Credit of Partner's Capital A/c Option 2: Transferring them to the Credit of Partner's Current A/c Option 3: Transferring them to the Credit of Realisation A/c Option 4: Transferring them to the Debit of Realisation A/c

The answer is 'Transferring them to the Credit of Realisation A/c'. View full solution:

CUET Accountancy - Select the way by which provisions appearing in the Balance Sheet of a partnership firm are closed at the time of firm's dissolution. | PYQs + Solutions

CUET Accountancy 2023 11 June Shift 3

Partnership

Medium

Transferring them to the Credit of Partner's Capital A/c

Transferring them to the Credit of Partner's Current A/c

Transferring them to the Credit of Realisation A/c

Transferring them to the Debit of Realisation A/c

✅ Correct Option: 3