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 : 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
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 : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
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