Realisation Questions

Match List-I with List-II:List-IList-II(A) Increase in assets at the time of retirement(I) Debit side of Realisation Account(B) Asset taken over by a partner at the time of dissolution(II) Credit side of Revaluation Account(C) Unrecorded Liability settled at the time of admission(III) Credit side of Realisation Account(D) Remuneration paid for realization of assets(IV) Debit side of Revaluation AccountChoose the correct answer from the options given below:

Comprehension:Read the following financial details carefully and answer the questions that follow.Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.Balance Sheet of Ashwani and Bharat as on March 31, 2024LiabilitiesAmount (₹)AssetsAmount (₹)Creditors$76,000$ Cash at bank$17,000$ Mrs. Ashwani's loan$10,000$ Stock$10,000$ Mrs. Bharat's loan$20,000$ Investments$20,000$ Investment Fluctuation Reserve$2,000$ Debtors $40,000$ Less: Provision for Doubtful Debts $4,000$$36,000$ General Reserve$20,000$ Buildings$70,000$ Capitals:Ashwani: $20,000$ Bharat: $20,000$$40,000$ Goodwill$15,000$ Total$1,68,000$ Total$1,68,000$ The firm was dissolved on that date under the following terms:Ashwani promised to pay Mrs. Ashwani’s loan and took away the stock for ₹ $8,000$.Bharat took away half of the investments at $10\%$ less than book value.Debtors realized ₹ $38,000$. Creditors were paid off at a discount of ₹ $380$.Buildings realized ₹ $1,30,000$. Goodwill realized ₹ $12,000$, and the remaining investments were sold for ₹ $9,000$.An old unrecorded typewriter was taken over by Bharat for ₹ $600$.Realization expenses amounted to ₹ $2,000$.If the net realization profit is ₹ $55,980$, how will it be distributed between the partners?

Comprehension:Read the financial details from the preceding text carefully.What is the total amount realized from the sale/disposal of assets that will be debited to the Bank Account?

Comprehension:Read the financial details from the preceding text carefully.What is the total amount by which the Bank Account will be credited by the Realisation Account (representing cash outflows for liabilities and expenses)?

On the dissolution of a firm, creditors are transferred to: