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.
Option 1: debited partner's loan account and credited partner's capital account with Rs 25,000
Option 2: debited realization account and credited Banka account Rs 25,000
Option 3: Debited partner's loan account and credited bank account with Rs 25,000
Option 4: None of the above
Correct Answer: Debited partner's loan account and credited bank account with Rs 25,000
Solution : Answer = Debited partner's loan account and credited bank account with Rs 25000 When Partner's Loans are Paid Partner's Loan AIC Dr. 25000. To. Bank. Alc 25000 Hence, the correct option is 3.
Question : Choose the correct Journal entry with respect to the loan by Amit (Partner) for the following cases at the time of the firm's dissolution: Question: The loan by Amit (Partner) is Rs. 50,000, and the Balance in his Capital Account (debit) is Rs.
Question : Choose the correct Journal entry with respect to the loan by Amit (Partner) for the following cases at the time of the firm's dissolution: Question: The loan by Amit (Partner) is Rs. 50,000 and the Balance in his Capital Account (debit) is Rs.
Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
Question : Realization expenses of Rs. 5,000 were to be borne by Pavit, a partner. However, it was paid by Hitesh, another partner. It was to be recorded in the books. The entry will be
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
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