Question : Anil, a partner, is paid a remuneration of Rs.20,000 for dissolution work. Realisation expenses amounted to Rs.7,500 and were paid by the firm. The realization account will be debited by
Option 1: Rs 27,500
Option 2: Rs 20,000
Option 3: Rs 7,500
Option 4: None of the above
Correct Answer: Rs 27,500
Solution : Answer = Rs 27,500 When partner's get remuneration Realisation a/c Dr 20,000 To Anil's capital a/c 20,000 When expenses paid Realisation a/c Dr 7500 To Anil's capital a/c 7500 Final entry Realisation a/c Dr 27,500 To Partner's capital a/c 27,500 Hence, the correct option is 1.
Question : Realization expenses amounted to Rs.20,000 and were paid by the firm. Rs.8,000 were to be borne by the firm and the balance by Maruti, a partner. In this case, the account will be debited is
Question : Sunil, a partner, is paid a remuneration of Rs.25,000 for dissolution work. Realisation expenses amounted to Rs. 9,000 were paid by him. The realization account will be debited by
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