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
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.
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 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.
Question : In the Settlement Of Varun's ( partner) loan Of Rs 50,00 to the firm, a computer net appearing in the books is taken over by him at an agreed value of Rs 30,000. The realization account will be
Question : B, K and P are partners sharing profits in the ratio of 2:3:4. P died on 31st March 2012 and for this purpose, goodwill is valued at one and half year’s purchase of average super profits of the last three years. Profits for the last three years are
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