Question : A, B and C were partners sharing profits in the ratio of 5:3:2. On 31st March, 2020, A's Capital and B's Capital were Rs. 30,000 and Rs. 20,000 respectively but C owed Rs. 5,000 to the firm. The liabilities were Rs. 20,000 .
Question:
The assets of the firm is____________.

Option 1: Rs 70,000

Option 2: Rs 75,000

Option 3: Rs 65,000

Option 4: None of the above

Question : In settlement of partner's loan of Rs 60,000 to the firm, A furniture not appearing In the books is taken over by her agreed value of Rs 70,000 . Journal entry would be

Option 1: Partner's loan A/c Dr Rs60,000
Partner 's capital a/c Dr Rs 10,000
To Bank A/c 70,000

Option 2: partner's Loan A/c Dr 70,000
To partner's capital account Rs 70,000

Option 3: Partners loan A/c Dr 70,000
to Realization account 60,000
to partner's capital account Rs 10,000

Option 4: No entry is required

Question : In settlement of partner's loan of Rs 60,000 to the firm, A furniture not appearing In the books is taken over by her agreed value of Rs 70,000 . Journal entry would be

Option 1: Partner's loan A/c Dr Rs60,000
Partner 's capital a/c Dr Rs 10,000
To Bank A/c 70,000

Option 2: partner's Loan A/c Dr 70,000
To partner's capital account Rs 70,000

Option 3: Partners loan A/c Dr 70,000
to Realization account 60,000
to partner's capital account Rs 10,000

Option 4: No entry is required

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 : A, B and C were in partnership sharing profits and losses in the ratio of 2:1:1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash Rs. 5,000 ) amounted to Rs. 88,000, assets realised Rs. 80,000 (including an unrecorded asset which realised Rs. 4,000). A contingent liability on account of bills discounted Rs. 8,000 was paid by the firm. The Capital Accounts of A, B and C showed a balance of Rs. 20,000 each.
Question:
Profit/loss on Realization are .....

Option 1: Profit on Realization Rs 11,000

Option 2: Loss on Realization Rs 11,000

Option 3: Profit on Realization Rs 31,000

Option 4: Loss on realization Rs 31,000