Question : A and B were partners. They decided to dissolve their firm on31st march 2022. Creditors worth Rs.90000, accepted Rs.55000 on dissolution. The jounral entry to record the settelment of creditors will be - 

Option 1: Cash A/c       Dr.   55000

To Realisation    55000

Option 2: Realisation A/c      55000

To Cash A/c         55000

Option 3: Creditors  A/c      55000

To Cash A/c         55000

Option 4: None of the above

Question : A and B Partners. They decided to dissolve their firm on 31st March 2022. Creditors worth Rs.90,000, accepted Rs.55,000 on dissolution. The Journal Entry to record the settlement of creditors will be :

Option 1: Cash  A/c      Dr    55000

To Realisation A/c  55000

Option 2: Realisation A/c  55000

To Cash  A/c         55000

Option 3: Creditors A/c     Dr.   90000

To Cash A/c   55000

To P/L  A/c     35000

Option 4: None of the Above

Question : On dissolution of the firm, amount of sundry debtors was Rs.1,80,000. B (a partner) took over debtors amounted to Rs.90,000 at Rs.85000 and the remaining debtors were sold to a debt collecting agency at 15% of the value. What will be the entries for the transaction?

Option 1: (1) B's capital A/c     Dr   180000

To Realisation A/c    180000

(2) Cash/Bank A/c      Dr.   76500

Toi Realisation A/c     76500

Option 2: (1) B's capital A/c     Dr   85000

To Realisation A/c    85000

(2) Cash/Bank A/c      Dr.   13500

Toi Realisation A/c     13500

Option 3: (1) B's capital A/c     Dr   85000

To Realisation A/c    85000

(2) Cash/Bank A/c      Dr.   76500

Toi Realisation A/c     76500

Option 4: None of the above

Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.

Option 1: Realisation A/c ...Dr. 10,000
To Cash/BankA/c 10,000

Option 2: Realisation A/c ...Dr. 10,000
To Concerned Partner's Capital A/c 10,000

Option 3: Concerned Partner's Capital A/c Dr. 10,000
To Cash/Bank A/c 10,000

Option 4: Cash/BankA/c..Dr. 10,000
To Realisation A/c 10,000

Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.

Option 1: Realisation A/c ...Dr. 10,000
To Cash/BankA/c 10,000

Option 2: Realisation A/c ...Dr. 10,000
To Concerned Partner's Capital A/c 10,000

Option 3: Concerned Partner's Capital A/c Dr. 10,000
To Cash/Bank A/c 10,000

Option 4: Cash/BankA/c..Dr. 10,000
To Realisation A/c 10,000

Question : A and B Were partner in a firm which was dissolved. No goodwill appeared in the books. What will be the jounral entry if goodwill realised Rs.80,000 ?

Option 1: Cash A/c   Dr.   80000

        To Realisation A/c  80000

Option 2: Realisation A/c    Dr.    80000

                To Cash A/c            80000

Option 3: No Entry Will be Passed

Option 4: None of the Above