Question : C's Capital Account has a credit balance of Rs.2,00,000; C's Loan Account is showing a debit balance of Rs.40,000. Bank Balance is Rs.3,00,000. Show the treatment of C's Loan Account.

Option 1: Debited C's capital Rs 40,000 and credited C's Loan account Rs 40,000

Option 2: Debited C's capital Rs 1,60,000 and credited C's loan Rs 1,60,000

Option 3: Credited C's capital Rs 40,000 and debited C's loan Rs 40,000

Option 4: None of the above

Question : X and Y are partners in a firm sharing profit in the ratio of 4:3. On 1st April 2016, they admitted Z as a new partner. Z brought Rs 1,00,000 for his capital and Rs 21,000 for 1/3rd share of goodwill premium. On Z's admission goodwill appeared in the books of the firm at Rs 14,000. Record necessary Journal entries on Z's admission.

Option 1: Debiting A capital account with Rs 8000 and B's capital account with Rs 6000, crediting goodwill account with Rs 14,000.

Option 2: Debiting bank account Rs 1,21,000 and crediting c's capital account with Rs 1,21,000

Option 3: Debiting premium for goodwill account Rs 21,000 and crediting A's capital account with Rs 12,000 and with Rs 9,000

Option 4: All of the above

Question : A and B are partners sharing profits & losses as 2: 1. C and D are admitted and the profit sharing ratio becomes 4: 2: 3: 1. Goodwill is valued at Rs.2,00,000. D brings the required goodwill and Rs.50,000 cash for Capital. C brings in Rs.50,000 cash and Rs. 40,000 worth of stock as his capital in addition to the required amount of goodwill in cash. Cash contributed by the new partner at the time of admission and the amount of goodwill brought by a new partner will be

Option 1: Debited bank with Rs 50,000 and credited premium for goodwill Rs 2,00,000

Option 2: Debited bank with Rs 1,10,000 and credited premium for goodwill Rs 60,000

Option 3: Debited bank Rs 50,000 and credited premium for goodwill Rs 2,00,000

Option 4: None of the above

Question : P, R and A are partners sharing profit and losses in the ratio of 1:1:1. A retired on 1st April, 2021. P and R decided to continue the business share profit in the ratio of 3: 2. They also decided to give effect to the change In value of assets and liabilities without changing their book value Profit on revaluation is Rs 1,35,000. Adjustment entry will be:

Option 1: Debited revaluation account Rs 1,35,000 and credited old partners capital account by Rs 1,35,000

Option 2: Debited P's capital account by Rs 36,000 and debited R's capital account by Rs 9,000 and credited A's capital account by Rs 45,000

Option 3: Old partner's capital account debited and credited revaluation account by Rs 1,35,000

Option 4: Credited P's capital account by Rs 36,000 and credited R's capital account by Rs 9,000 and debited A's capital account by Rs 45,000

Question : A and B are partners sharing profits and losses in the ratio of 3: 2. They admit C into partnership for 1/4th share, which he takes 1/6th from A and 1/12th from B. Goodwill exists in the books at Rs. 20,000. C brings Rs. 18,000 as goodwill out of his share of Rs. 30,000. It was decided that the shortfall in amount shall be debited to C's Current Account. Choose the correct journal entry.

Option 1: Debiting A and B 's capital account with Rs 12,000 and Rs 8000 and Crediting goodwill account with Rs 20,000

Option 2: Debiting premium for Goodwill account Rs 18,000 and debiting C's current account with Rs 12,000 and crediting A with Rs 20,000 and B with Rs 10,000

Option 3: Both 1 and 2

Option 4: None of the above