Question

fill in the blanks business studies...​

Answer 1

Answer:

1. Realisation

2. Current

3. Partner's Capital

4. Credited

Explanation:

1. Any asset whether recorded or not, when realised is credited in realisation a/c

2. When partner have fixed capital, current a/c is prepared to appropriate the profit

3. At time realisation, first outsider's liabilities are paid eg. creditors, then partners loan is paid off, and at last the capital.

4. When partner takes over a liability, firm's liability to pay the partner increases, so his a/c is credited.

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