Question

pass journal entry. a liability not appearing in the books of accounts settled repuess 11100.​

Answer 1

Payment of unrecorded liabilities' entry go something like this:

Realization A/c...dr

   To Partner's capital A/c

(being paying unrecorded liability)

Explanation:

This entry belongs to the chapter in class 12 called Dissolution.

Dissolution is when a business is discontinued, the firm is said to be dissolved. As a result, all the accounts be closed. It is, therefore, necessary to open Realisation Account, Cash or Bank Account and Partners Capital Accounts

Realisation Account is a nominal account which is prepared at the time of dissolution of firm. It is prepared to find out the profit or loss realized by the firm on its closing or shutting down. The net result will be either profit or loss which is distributed among the partners in their profit sharing ratio

So the entry is:

Realization A/c....dr               111000

     To Partner's Capital A/c                111000

(Being money settled)

To know more:

How to solve dissolution account​

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