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
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
Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.
Question : Choose the incorrect journal entry. When Present Adjusted Capital (after adjustments) is more than the Proportionate Capital:
Question : When Present Adjusted Capital (after adjustments) is less than the Proportionate Capital: choose the correct journal entry.
Question : Choose the correct journal entry If the due amount is paid to the retiring partner in lump sum on the date of retirement
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