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Subjects
Class 12AccountancyDissolution of a Partnership FirmClosing the BusinessHard
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At the time of dissolution, an unrecorded liability of ₹6000 is paid in cash. What will be the effect in the Realisation Account?

Answer and explanation

Correct answer: Debit ₹6000

Payment of an unrecorded liability is treated as a realisation-related loss or expense of the firm. Therefore, the Realisation Account is debited by ₹6000, while the Cash Account is credited. This should not be confused with merely recording the liability; the question specifies that it has been paid. Exam tip: payment of an unrecorded liability is debited to the Realisation Account.

Related tags

Dissolution Of PartnershipRealisation AccountUnrecorded LiabilitiesClosing The BusinessDissolution Of A Partnership FirmAccountancyClass 12 Mcq
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10 more MCQs
  1. 1What is the process of permanently closing a partnership firm and ending its existence called?
  2. 2Which account is prepared at the time of dissolution of a firm to determine the profit or loss arising from the settlement of its assets and external liabilities?
  3. 3What is generally done with the assets of a partnership firm at the time of its dissolution?
  4. 4On dissolution of a partnership firm, from what are the external liabilities generally paid?
  5. 5To which account is the realisation profit transferred?
  6. 6To which account is the realisation loss transferred?
  7. 7What happens to the existence of the firm after dissolution?
  8. 8Dissolution expenses are generally debited to which account?
  9. 9At the time of dissolution, if an asset is sold for ₹10,000, what amount will be credited to the Realisation Account?
  10. 10On dissolution of a firm, to whom is the final cash balance paid after settling outside liabilities and other amounts due?
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