Question : Credit side of revaluation account Rs 60,000 and debit side of revaluation account Rs 40,000 . Entry for the balance will be .
Option 1: A and B debited with Rs 12,000 and Rs 8,000 and credited revaluation account Rs 20,000
Option 2: Revaluation account Dr Rs 20,000 and crediting A's account Rs 12,000 and B's account Rs 8,000
Option 3: Revaluation account Dr 20,000 and crediting A, B and C with Rs 6,667 each
Option 4: None of the above
Correct Answer: Revaluation account Dr Rs 20,000 and crediting A's account Rs 12,000 and B's account Rs 8,000
Solution : Answer = Revaluation account Dr Rs 20,000 and crediting A's account Rs 12000 and B's account Rs 8000
Revaluation A/c Dr 20,000
To A's Capital A/c 12000
To B's Capital A/c 8000
(old ratio = 3:2) Hence, the correct option is 2.
Question : C's Capital Account has a credit balance of Rs.2,00,000; C's Loan Account is showing a debit balance of Rs.40,000. Bank Balance is Rs.3,00,000. Show the treatment of C's Loan Account.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 20,000. Claim for workmen compensation Rs. 45,000.
Question : Realization expenses were to be borne by A for which he is to get a credit of Rs. 10,000. Actual realization expenses paid out of the firm Bank Account amounted to Rs. 12,000. Choose the correct Journal entry for the treatment of realization expenses.
Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
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