CUET Accountancy - If the asset is taken over by the creditor in lieu of the amount due to him, then the journal entry will be: | PYQs + Solutions

CUET Accountancy 2025 22 May Shift 2

Partnership

Medium

common

Creditor A/C..Dr.

To Realisation A/C

Realisation A/C..Dr.

To Creditor A/C

No entry

Realisation A/C..Dr.

To Asset A/C

✅ Correct Option: 3

Related questions:

22 May Shift 2

Which of the following are the ways for the dissolution of a firm?

(A) Dissolution by Notice

(B) Dissolution by agreement

(D) Dissolution by not terminating business

Choose the correct answer from the options given below:

3 June Shift 1

When a partnership firm is being dissolved, the private property of any partner shall be applied first, in payment of __________ and the surplus, if any, may be utilised for payment of __________, in case the firm's liabilities exceed the firm's assets.

24 May Shift 1

Which of the following statements truly makes the distinction between Dissolution of Partnership and Dissolution of Firm:

(A) In dissolution of partnership, business is not terminated, while in dissolution of firm business is terminated.

(B) The Court intervenes in dissolution of Partnership because a partnership is not dissolved by mutual agreement. A firm can not be dissolved by court order.

(C) Economic relationships between partners continue in a changed form in dissolution of partnership. Economic relationships between the partners come to an end at the dissolution of the Firm.

(D) Dissolution of Partnership doesn't require permanent closure of books, while in Dissolution of firm books are closed.

Choose the correct answer from the options given below:

CUET Accountancy 2025 22 May Shift 2 PYQs

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