Match the LIST-I with LIST-II, LIST-I, LIST-II, A. The accumulated profits and reserves are transferred to, I., No journal entry, B. In case of dissolution partner's capital accounts are closed through, II., Bank Account, C. Unrecorded assets are transferred to, III., Partners' Capital Accounts, D. For settlement of the creditor's through transfer of assets in full and final settlement of his account, IV., Realisation Account, Choose the correct answer from the options given below:

Question

Match the LIST-I with LIST-II | LIST-I | | LIST-II | |---|---|---| | A. The accumulated profits and reserves are transferred to | I. | No journal entry | | B. In case of dissolution partner's capital accounts are closed through | II. | Bank Account | | C. Unrecorded assets are transferred to | III. | Partners' Capital Accounts | | D. For settlement of the creditor's through transfer of assets in full and final settlement of his account | IV. | Realisation Account | Choose the correct answer from the options given below:

Accepted Answer

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

Answer

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

Answer

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

Answer

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

List-I	List-II
(A) Partner pays the dissolution expenses and firm agrees to reimburse	(I) Debit Realisation Account and Credit Bank/Cash Account
(B) Partner bears the dissolution expenses on his own	(II) Excess shall be borne by the partner
(C) Firm bears the dissolution expenses	(III) No entry
(D) Firm has given the fixed sum to a partner for bearing dissolution expenses irrespective of actual amount	(IV) Debit Realisation Account and Credit Partner's Capital Account

LIST-I		LIST-II
A. The accumulated profits and reserves are transferred to	I.	No journal entry
B. In case of dissolution partner's capital accounts are closed through	II.	Bank Account
C. Unrecorded assets are transferred to	III.	Partners' Capital Accounts
D. For settlement of the creditor's through transfer of assets in full and final settlement of his account	IV.	Realisation Account

Solution

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