Write a word/phrase/term which can substitute each of the following st

1.	Write a word/phrase/term which can substitute each of the following statements.i. Conversion of asset into cash on the dissolution of the firm.ii. Liability is likely to arise in the future on the happening of certain events.iii. Assets that are not recorded in the books of accounts.iv. The account shows the realization of assets and discharge of liabilities.v. Expenses incurred on the dissolution of the firm.
Answer» i. Realisation ii. Contingent Liabilities iii. Unrecorded Assets iv. Realization A/c v. Dissolution/Realisation Expenses

Write a word/phrase/term which can substitute each of the following statements.i. Conversion of asset into cash on the dissolution of the firm.ii. Liability is likely to arise in the future on the happening of certain events.iii. Assets that are not recorded in the books of accounts.iv. The account shows the realization of assets and discharge of liabilities.v. Expenses incurred on the dissolution of the firm.

Answer»

i. Realisation

ii. Contingent Liabilities

iii. Unrecorded Assets

iv. Realization A/c

v. Dissolution/Realisation Expenses