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: Furniture of Rs. 70,000 was sold for Rs. 68,000 by auction and the auctioneer commission amounted to Rs. 2,000. The realisation account will be debited/credited by
Option 1: Debited by Rs 68,000
Option 2: Debited by Rs 2,000 and credited by Rs 68,000
Option 3: Credited by Rs 6,6000
Option 4: Both 2 and 3
Correct Answer: Both 2 and 3
Solution : Answer = Both 2 and 3 When assets realised Bank a/c Dr 68,000 To realisation a/c 68,000 (for assets realised) Realisation a/c Dr 2,000 To Bank a/c 2,000 (for commission paid) Hence, the correct option is 4.
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 : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry
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