Match List-I with List-II
List-I List-II (A) At the time of dissolution, unrecorded assets when taken over by a partner are shown in (I) Debit of Realisation Account (B) At the time of dissolution, unrecorded liabilities when paid are shown in (II) Credit of Partners' capital Account (C) At the time of admission of a partner, General Reserve will be shown in (III) Debit of Partners' capital Account (D) At the time of admission of a partner, Debit balance of Profit & Loss A/c will be shown in (IV) Credit of Realisation Account
Choose the correct answer from the options given below:
Match List-I with List-II
| List-I | List-II |
|---|---|
| (A) At the time of dissolution, unrecorded assets when taken over by a partner are shown in | (I) Debit of Realisation Account |
| (B) At the time of dissolution, unrecorded liabilities when paid are shown in | (II) Credit of Partners' capital Account |
| (C) At the time of admission of a partner, General Reserve will be shown in | (III) Debit of Partners' capital Account |
| (D) At the time of admission of a partner, Debit balance of Profit & Loss A/c will be shown in | (IV) Credit of Realisation Account |
Choose the correct answer from the options given below:
Solution
✅ Correct Option: 4
An unrecorded asset taken over by a partner is entered as Partner's Capital A/c Dr. to Realisation A/c, so it appears on the credit of Realisation (IV). An unrecorded liability paid is Realisation A/c Dr. to Bank, i.e. the debit of Realisation (I). General Reserve is distributed by crediting partners' capital accounts (II), while a debit balance of Profit and Loss is a past loss debited to them (III).
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