Question : Realisation Expenses, 15,000 were paid by the firm on behalf of a partner. The Journal Entry passed will be:
Option 1: Realisation A/c Dr. 15,000
To Cash/Bank A/c 15,000
Option 2: Realiastion A/c Dr. 15,000
To Concerned Partner’s Capital A/c 15,000
Option 3: Concerned Partner’s Capital A/c Dr. 15,000
To Cash/Bank A/c 15,000
Option 4: Cash/Bank A/c Dr. 15,000
To Realisation A/c 15,000
Answer (1)
10th Jan, 2024
Correct Answer:
Concerned Partner’s Capital A/c Dr. 15,000
To Cash/Bank A/c 15,000
Solution : In the given case Concerned partner capital Account will be debited and cash account will be credited.
Hence the correct answer is option 3
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