Question : On dissolution of a firm, the realization account is credited with

Option 1: when liabilities are paid

Option 2: when assets are transferred

Option 3: when liabilities paid by any partner

Option 4: when cash received from the sale of assets

Question : Unrecorded liabilities, when paid on the dissolution of a firm, are credited to

Option 1: partner's capital account 

Option 2: liabilities account

Option 3: cash account

Option 4: Realization account

Question : On dissolution of a partnership firm, the amount received from the sale of assets is debited to

Option 1: Realization account

Option 2: Cash account

Option 3: Partner's capital account 

Option 4: None of the above

Question : On dissolution of a partnership firm, the amount received from the sale of assets is debited to

Option 1: Realization account

Option 2: Cash account

Option 3: Partner's capital account 

Option 4: None of the above

Question : On dissolution of a firm, realisation account is debited with :

Option 1: All outside liabilities of the firm

Option 2: All assets to be realised

Option 3: Any asset taken over by one of the partners

Option 4: Cash received on sale of assets