Match List-I with List-II, List-I (Cases for payment of realisation expenses), List-II (Journal entry), (A) When realisation expenses are incurred and paid by the firm, (I) Realisation A/c Dr. To Partner's Capital A/c, (B) When realisation expenses are paid by a partner on behalf of the firm, (II) No entry is required, (C) When a partner has agreed to bear the realisation expenses and the realisation expenses are paid by the firm, (III) Realisation A/c Dr. To Bank A/c, (D) When a partner has agreed to bear the realisation expenses and the partner himself pays the realisation expenses., (IV) Partner's Capital A/C Dr. To Bank A/c, Choose the correct answer from the options given below:

Question

Match List-I with List-II | List-I (Cases for payment of realisation expenses) | List-II (Journal entry) | |---|---| | (A) When realisation expenses are incurred and paid by the firm | (I) Realisation A/c Dr. To Partner's Capital A/c | | (B) When realisation expenses are paid by a partner on behalf of the firm | (II) No entry is required | | (C) When a partner has agreed to bear the realisation expenses and the realisation expenses are paid by the firm | (III) Realisation A/c Dr. To Bank A/c | | (D) When a partner has agreed to bear the realisation expenses and the partner himself pays the realisation expenses. | (IV) Partner's Capital A/C Dr. To Bank A/c | Choose the correct answer from the options given below:

Accepted Answer

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

Answer

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

Answer

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

Answer

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

List-I	List-II
(A). Compulsory Dissolution	(I). Partner becomes insane.
(B). Dissolution by notice	(II). Death of a partner.
(C). Dissolution by Court	(III). Business become illegal.
(D). Dissolution on certain contingencies	(IV). Partnership at will.

LIST I	LIST II
A. Transfer of accumulated profits	I. Realisation account
B. Unrecorded asset sold on dissolution of firm	II. Profit and Loss Account
C. Manager's commission	III. Profit and Loss Appropriation Account
D. Partner's commission	IV. Partner's Capital 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

List-I (Cases for payment of realisation expenses)	List-II (Journal entry)
(A) When realisation expenses are incurred and paid by the firm	(I) Realisation A/c Dr. To Partner's Capital A/c
(B) When realisation expenses are paid by a partner on behalf of the firm	(II) No entry is required
(C) When a partner has agreed to bear the realisation expenses and the realisation expenses are paid by the firm	(III) Realisation A/c Dr. To Bank A/c
(D) When a partner has agreed to bear the realisation expenses and the partner himself pays the realisation expenses.	(IV) Partner's Capital A/C Dr. To Bank A/c

Solution

Related questions:

Keyboard Shortcuts

CUET Accountancy Past Year Questions (Topic-Wise)