Match List-I Dissolution transactions with List-II Journal Entries

LIST-I LIST-II
A. For sale of assets I. No Journal Entry
B. Transfer of assets to realisation account II. Bank A/c Dr. To Realisation A/c
C. Creditors took machinery for full settlement of his claims III. Realisation A/c Dr. To Assets A/c
D. Dissolution expenses paid IV. Realisation A/c Dr. To Bank A/c

Choose the correct answer from the options given below:

Question

A - I, B - II, C - III, D - IV

A - II, B - III, C - IV, D - I

A - II, B - III, C - I, D - IV

A - III, B - I, C - IV, D - II

Accepted Answer

A - II, B - III, C - I, D - IV

Answer

A - I, B - II, C - III, D - IV

Answer

A - II, B - III, C - IV, D - I

Answer

A - III, B - I, C - IV, D - II

List-I	List-II
(A) Increase in assets at the time of retirement	(I) Debit side of Realisation Account
(B) Asset taken over by the partner at the time of dissolution of the firm	(II) Credit side of Revaluation Account
(C) Unrecorded Liability at the time of admission of the partner	(III) Credit side of Realisation Account
(D) Remuneration paid for realization of assets	(IV) Debit side of Revaluation Account

	LIST-I		LIST-II
A.	For sale of assets	I.	No Journal Entry
B.	Transfer of assets to realisation account	II.	Bank A/c Dr. To Realisation A/c
C.	Creditors took machinery for full settlement of his claims	III.	Realisation A/c Dr. To Assets A/c
D.	Dissolution expenses paid	IV.	Realisation A/c Dr. To Bank A/c

Solution