Question : When unrecorded liability is paid, ------------------is debited and ----------------Account is credited with the amount paid, it being in the nature of-------------------.

Option 1: liability, cash, profit

Option 2: Realization, cash, loss

Option 3: Realization, partner's capital account, loss

Option 4: None of the above

Question : When unrecorded liability is paid, ------------------is debited and ----------------Account is credited with the amount paid, it being in the nature of-------------------.

Option 1: liability, cash, profit

Option 2: Realization, cash, loss

Option 3: Realization, partner's capital account, loss

Option 4: None of the above

Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------.

Option 1: concerned partners' capital account and cash Account

Option 2: concerned partners' capital account and Realization account

Option 3: realization account and partners capital account

Option 4: none of the above

Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------.

Option 1: concerned partners' capital account and cash Account

Option 2: concerned partners' capital account and Realization account

Option 3: realization account and partners capital account

Option 4: none of the above

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