Question

Unrecorded liability is paid by a partner ________ to partners capital account . (fill in the blank by choosing correct option) a) cash / bank a/c b) realisation a/c c) partner's capital a/c d) loan a/c

Answer 1

b) realisation a/c

as we already deal with the amount in realisation a/c and has to put in the cap a/c

realisation a/c ......

to partners capital a/c ......

Answer 2

Answer:

b) Realisation A/C

Explanation:

When an unrecorded liability i.e liability which had previously been omitted from records is taken over by a partner and paid by such a partner, the following entry is journalized:

Realisation A/C                                               Dr.

    To Partner's Capital Account

(Being previously unrecorded liability paid by partner now recorded)

Realisation account is usually prepared at the time of dissolution of partnership. Such account reveals the assets realized and liabilities being paid off.

A partner's account is credited for the firm liability paid by him.

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