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
Option 1: Debited by Rs 30,000
Option 2: Credited by Rs 30,000
Option 3: Debited by Rs 50,000
Option 4: Credited by Rs 50,000
Correct Answer: Credited by Rs 50,000
Solution : Answer = Credited by Rs 5000 When the partner loan is settled, Assets which have been already transferred to the realisation account, then the entry will be Partner's loan a/c....Dr 50,000 To Realisation a/c 50,000. Hence, the correct option is 4.
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. Partner capital account will be---------
Question : A debtor of Rs 31,000 agreed to pay the dissolution expenses which were Rs 30,000 in full settlement of his debt. Choose the correct option.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile