Question : If retiring partner's Capital Account after adjustments shows 'Debit Balance', that much amount is receivable from the retiring partner. The entry is:
Option 1: Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/Bank a/c
Option 2: Cash/BankA/c ...Dr.
To Retiring Partner's Capital A/c
Option 3: Interest A/c Dr
To Retiring Partner's Loan A/c
Option 4: None of the above
Answer (1)
21st Jan, 2024
Correct Answer:
Cash/BankA/c ...Dr.
To Retiring Partner's Capital A/c
Solution :
Answer (2)
BankA/c ...Dr.
To Retiring Partner's Capital A/c
Hence, the correct option is 2.
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