Question : There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000 when the firm has been dissolved. Choose the Correct Journal entry :
Option 1: Nitin’s Capital A/c Dr. 3,000
To Realisation A/c 3,000
(Being unrecorded old computer taken over by the partner Nitin)
Option 2: Bank A/c Dr. 3,000
(Being unrecorded old computer taken over by the Partner)
Option 3: Realisation A/c Dr. 3,000
To Nitin’s Capital A/c 3,000
Option 4: None of the Above
Correct Answer: Nitin’s Capital A/c Dr. 3,000
Solution : Nitin’s Capital A/c Dr. 3,000
The correct answer is option 1.
Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?
Question : Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.
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