Identify the entries which are correct:

(A) For remuneration of partner - Debit Realisation A/c and Credit Partner's Capital A/c

(B) For sale of assets - Debit Realisation A/c and Credit Bank A/c

(C) For settlement of unrecorded liability - Debit Realisation A/c and Credit Bank A/c

(D) For transfer of general reserve - Debit General Reserve A/c and Credit Partners' Capital A/c

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If a partnership firm is being dissolved, a liability taken over by a partner is credited to :

All assets (except cash/bank and fictitious assets) are transferred to the ................... side of ................... Account.

At the time of dissolution of firm, the following information is provided

Debtors realised at a discount of 5%,

Journal entry for realisation of debtors would be :

At the time of dissolution, if an asset is taken over by a partner, what journal will be recorded in the books of the firm :-

Match List-I with List-II

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At the time of Dissolution of a Partnership Firm, the assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied among the partners in the following manner and order:

(A) The residue, if any, shall be divided among the partners in their profit sharing ratio.

(B) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner' loan);

(C) In paying the debts of the firm to the third parties;

(D) In paying to each partner proportionately what is due to him on account of capital; and

Choose the correct answer from the options given below: