Question : An unrecorded asset was valued at Rs 2,00,000. On firm's dissolution. It was sold for Rs 125%. The realization account will be credited with
Option 1: Rs 2,00,000
Option 2: Rs 2,50,000
Option 3: Rs 1,50,000
Option 4: None of the above
Correct Answer: Rs 2,50,000
Solution : Answer = Rs 2,50,000 Bank a/c......Dr 2,50,000 To Realisation a/c 2,50,000 (2,00,000+50,000) Hence, the correct option is 2.
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
Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.
Question : At the time of dissolution of the firm, outsiders liabilities are Rs 3,50,000. Firm's capital is Rs 6,00,000. Cash balance is rs 50,000. Other assets realized Rs 7,50,000. Profit / loss in the realization account will be .
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile