Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.

Option 1: Realization account debited, concerned partner's capital account

Option 2: Concerned partner's capital, realization account

Option 3: Unrecorded liability debited, cash account 

Option 4: None of the above.

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 : 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 : On firm dissolution, which one of the following accounts should be prepared at the last?

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash account

Question : On firm dissolution, which one of the following accounts should be prepared at the last?

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash account