Question : Increases and decreases in the value of assets and liabilities are recorded through

Option 1: Profit and loss account 

Option 2: Profit and loss appropriation account 

Option 3: Partners capital account

Option 4: Revaluation account

Question : Realisation A/c is prepared to ascertain the _________

Option 1: Profit/loss on realisation of asset

Option 2: Profit/loss on repayment of liabilities

Option 3: Both 1 and 2

Option 4: None of the above

Question : What are the important objectives of preparing realisation account - 

(A) To close all the books of account.

(B) To record transactions relating to the sale of assets and discharge of liabilities.

(C) To determine profit or loss due to the realisation of assets and liabilities.

Option 1: (A) & (B)

Option 2: (B) & (C)

Option 3: (A) & (C)

Option 4: (A), (B) & (C)

Question : -----------------account is prepared at the time of dissolution.

Option 1: profit and loss appropriation account

Option 2: profit and loss adjustment account

Option 3: realisation account

Option 4: profit and loss account

Question : -----------------account is prepared at the time of dissolution.

Option 1: profit and loss appropriation account

Option 2: profit and loss adjustment account

Option 3: realisation account

Option 4: profit and loss account