Question : Akash, Naveen and Zaid are partners sharing profits in the ratio of 3: 2: 2. Zaid died on 1 st September 2016, The total amount owed by the firm to his executors was Rs. 60,000. The firm decided to pay him in three equal annual instalments carrying interest @ 6% p.a. beginning on 1st September 2017.
Choose the correct Journal.
Option 1: Zaid's Capital A/c Dr. 60,000 To Zaid's Executor's A/c 60,000
Option 2: Zaid's Capital A/c Dr. 60,000 To Zaid's Loan A/c 60,000
Option 3: Zaid's Capital A/c Dr. 60,000 To Bank A/c 60,00
Option 4: Zaid's Capital A/c Dr. 60,000 To Zaid's Executor's A/c 30,000 To Bank a/c 30,000
Correct Answer: Zaid's Capital A/c Dr. 60,000 To Zaid's Executor's A/c 60,000
Solution : Answer = Zaid's Capital A/c Dr. 60,000 To Zaid's Executor's A/c 60,000 Hence, the correct option is 1.
Question : Akash, Naveen and Zaid are partners sharing profits in the ratio of 3: 2: 2. Zaid died on 1 st September 2016, The total amount owed by the firm to his executors was Rs. 60,000. The firm decided to pay him in three equal annual instalments carrying interest @ 6% p.a. beginning
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