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
Answer (1)
25th Jan, 2024
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.
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