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. 60,000. The Bank account will be ___________and with Rs____________.
Option 1: Credited by Rs 10,000
Option 2: Credited By Rs 50,000
Option 3: Debited By Rs 10,000
Option 4: Debited By Rs 50,000
Correct Answer: Debited By Rs 10,000
Solution : Answer = Debited By Rs 10,000
If Partner's Capital (Debit Balance) Rs 60000 Partner's Loan A/C Dr 50,000 Bank A/C Dr 10,000 To Partner's capital A/C 60,000 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 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 :
R Ltd. issued 10,000, 12% Debentures of Rs. 100 each at a discount of 5%. Discount on issue of debenture account will be ----------. Debenture account credited by --------
Question : Jeev, a partner, agreed to do the work of dissolution for which he was allowed a commission of Rs. 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jeev were Rs. 12,000.These expenses were paid by Jeev by drawing cash from the firm. The
Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
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