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Unrecorded liability when paid on the dissolution of a firm is transferred to ______ -

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Question

Unrecorded liability when paid on the dissolution of a firm is transferred to ______

Options

  • Realization Account

  • Partners' Capital Accounts

  • Liability Account

  • None of the above

MCQ
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Solution

Unrecorded liability when paid on the dissolution of a firm is transferred to Realization Account.

Explanation:

Unrecorded liabilities are not recorded in the book, but they must be discharged at the time of dissolution and are thus debited to the Realisation A/c.

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