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. 40,000. The Bank account will be debited/credited by Rs___________.
Option 1: Debited by Rs 10,000
Option 2: Credited by Rs 50,000
Option 3: Debited by Rs 40,000
Option 4: Credited by Rs 10,000
Answer (1)
8th Jan, 2024
Correct Answer: Credited by Rs 10,000
Solution :
Answer =
Credited by Rs 10,000
If Partner's Capital (deBit Balance) 40000
Partner's Loan AIC Dr 50,000
To Partner's Capital AIC 40000
To Bank AIC 10,000.
Hence, the correct option is 4.
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