Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided:
Question:
Profit and Loss Account showed a debit balance of Rs. 50,000. The entry will be

Option 1: Adhraj 's capital account debited Rs 30,000, Karan's capital account debited Rs 20,000 credited profit and loss account Rs 50,000

Option 2: Debited profit and loss account with Rs 50,000 credited Adhiraj's capital account by Rs 30,000 a and karan's capital account by Rs 20,000

Option 3: Debited realization account and credited partner's capital account with Rs 50,000

Option 4: None of the above

Question : Realization expenses of Rs. 5,000 were to be borne by Pavit, a partner. However, it was paid by Hitesh, another partner. It was to be recorded in the books. The entry will be

Option 1: Debited realisation account Rs 5,000, credited Pavit's capital account Rs 5,000

Option 2: Debited realisation account Rs 5,000, credited Bank account Rs 5,000

Option 3: Debited realisation account Rs 5,000 and credited Hitesh's capital account Rs 5,000

Option 4: Debited Pavit's capital account and credited Hitesh's capital account Rs 5,000

Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided:
Question:
Realisation expenses amounted to Rs. 2,000 which were paid by Adiraj.

Option 1: Realization account debited Rs 2,000, credited bank account Rs 2,000

Option 2: Debited partner's capital account Rs 2,000 and credited bank account Rs 2,000

Option 3: Realization account debited Rs 2,000, credited partner's capital Rs 2,000

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 : X, Y and Z are partners in a firm in the ratio of 4: 3: 2. On the firm's dissolution, the firm's total assets are Rs.4,00,000, and creditors are Rs.20,000. Realisation expenses are Rs.2,000. Assets realised 15% more than the book value. Creditors were paid 2% more. For-profit/loss on realisation, Y's capital account will be debited/credited with

Option 1: Credited Rs 8,100

Option 2: Debited Rs 19,200

Option 3: Credited Rs 19,200

Option 4: None of the above