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Unrecorded liability , when paid on ...

Unrecorded liability , when paid on dissolution of a firm is debited to :

A

Partner's capital A/cs

B

Relisation A/c

C

Liabilities A/C

D

Asset A/c

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The correct Answer is:
B
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What Journal entries would be passed for discharge of following unrecorded liabilities on the dissolution of a firm of partners A and B . (a) There was a contingent liability in respect of bills discounted but not matured of ₹ 18,500 . An acceptor of one bill of ₹ 2, 500 became insolvent and fifty paise in a rupee was recovered . The liability of the firm on account of this bill discounted and dishonoured has not so far been recorded . (b) There was a contingent liabillity in respect of a claim for damages for ₹ 75,000 , such liability was settled for ₹ 50 , 000 and paid by the partner A . (c) Firm will have to pay ₹ 10 , 000 as compensation to an injured employee , which was a contingent liability not accepted by the firm . (d) ₹ 5,000 for damages claimed by a customer has been disputed by the firm . It was settled at 70% by a compromise between the customer and the firm .

DK GOEL-DISSOLUTION OF A PARTNERSHIP FIRM-MULTIPLE CHOICE QUESTIONS
  1. In the event of dissolution of a partnership firm , the provisi...

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  2. On dissolution , if a partner undertakes to make payment of a liabi...

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  3. Unrecorded liability , when paid on dissolution of a firm is de...

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  4. On dissolution of a partnership firm , profit or loss on realisatio...

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  5. On Dissolution of the firm , amount received from sale of unreco...

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  6. Realisation A/C is a :

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  7. In the event of dissolution of firm , the partner's personal asset...

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  8. A partnership firm is compulsorily dissolved ):

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  9. At the time of firm 's dissolution , Balance of general Reserve s...

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  10. On dissolution , Goodwell account is transferred to ):

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  11. At the time of dissolution of partnership firm , Fictitous asset...

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  12. At time of dissolution of partnership firm , the balance of profi...

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  13. At the time of dissolution of partnership firm , the amount of '...

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  14. On dissolution , the final balance of capital accounts accounts ...

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  15. Change in the existing agreement between the partners is called :

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  16. At time of dissolution of partnership firm , the balance of profi...

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  17. On Dissolution of a firm , a partner paid Rs. 700 for firm 's Real...

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  18. On taking responsibilty of payment of Realisation expenses by a p...

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  19. On dissolution of firm .Loss calculate in realisation account is ...

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  20. Profit or loss of realisation account is transferred to :

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