Out of the following, which items are to be credited to Realisation A/c?

(A) Liabilities transferred

(B) Sales proceeds of assets

(C) Unrecorded assets realised

(D) Realisation expenses

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One of the partner took-over furniture at the time of dissolution of the firm, which account will be debited:

Creditors are transferred to __________ on the dissolution of the firm.

Ram, a partner, has been assigned the responsibility for realization of assets and settlement of liability for which he will be given remuneration of ₹ 10,000. He has to bear all the realization expenses. Actual realization expenses are 12,000. Journal Entry will be

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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Due to the ill health of B, they decided to dissolve the firm. It comes under ____ form of dissolution.

Match the LIST-I with LIST-II

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