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Unrecorded liabilities when paid are sho...

Unrecorded liabilities when paid are shown in:
1)Debit of Realisation Account
2)Debit of Bank Account
3)Credit of Realisation Account
4)Credit of Bank Account.

A

Debit of Realisation Account

B

Debit of Bank Account

C

Credit of Realisation Account

D

Credit of Bank Account.

Text Solution

Verified by Experts

The correct Answer is:
A
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Bora , Singh and Ibrahim were partners in a firm sharing profits in the ratio of 5 : 3 : 1 . On 2nd March , 2019 , their firm was dissolved . The assets were realised and the liabilities were paid off . Given below are the Realisation Account , Partner's Capital Accounts and Bank Account of the firm . The accountant of the firm left a few amounts unposted in these accounts . You are required to complete these accounts by posting the correct amounts .