Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided: Question: Adirja's loan amounting to Rs. 35,000 was paid. The entry will be
Option 1: Debited realization account Rs 35,000, credited bank account Rs 35,000
Option 2: Debited partner's loan account and credited bank account with Rs 35,000
Option 3: Debited partner's loan account and credited bank account with Rs 35,000
Option 4: None of the above
Correct Answer: Debited partner's loan account and credited bank account with Rs 35,000
Solution : Answer = Debited partner's loan account and credited bank account with Rs 35,000
Reason:- when Partner's Loan is Paid Partner's Loan a/c Dr 35000 To Bank a/c 35000 Hence, the correct option is 2.
Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following
Question : Choose the correct Journal entry with respect to loan by Amit (Partner) for the following cases at the time of the firm's dissolution: The loan by Amit (Partner) is Rs. 50,000 and the Balance in his Capital Account (credit) is Rs. 25,000.
Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
Question : Mohan and Kanwar are partners in a firm. Their firm was dissolved on 1.1.2013. Mohan was assigned the work of dissolution. For this work Mohan was to be paid Rs.500. Mohan paid dissolution expenses of Rs.400 from his own pocket. Choose the correct Journal entry
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