Question : Vijay, a partner, paid realization expenses of Rs. 10,000 and these were to be borne by him. Vijay's capital account will be
Option 1: Debited by Rs 10,000
Option 2: Credited by Rs 10,000
Option 3: Debited by Rs 1000
Option 4: None of the above.
Answer (1)
23rd Jan, 2024
Correct Answer: None of the above.
Solution :
Answer =
None of the above.
When the partner gets remuneration and agrees to bear all expenses of realisation and paid by him personally.
"No entry"
[Because this is not a business transaction]
Hence, the correct option is 4.
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