Question : A debtor of Rs 31,000 agreed to pay the dissolution expenses which were Rs 30,000 in full settlement of his debt. Choose the correct option.

Option 1: debited cash account Rs 31,000 and credited realization account Rs 31,000

Option 2: debited realization account rs 30,000 and credited bank account rs 30,000

Option 3: No entry required

Option 4: debited cash account Rs 1000 and credited realization account Rs 1000

Question : A debtor of Rs 31,000 agreed to pay the dissolution expenses which were Rs 30,000 in full settlement of his debt. Choose the correct option.

Option 1: debited cash account Rs 31,000 and credited realization account Rs 31,000

Option 2: debited realization account rs 30,000 and credited bank account rs 30,000

Option 3: No entry required

Option 4: debited cash account Rs 1000 and credited realization account Rs 1000

Question : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry

Option 1: Computer account debited by Rs 2,000 and credited revaluation account Rs 2,000

Option 2: Revaluation account debited by Rs 2,000 and credited computer account Rs 2,000

Option 3: Debited bank account by Rs 2,000 and credited revaluation account by Rs 2,000

Option 4: debited revaluation account Rs 2,000 and credited bank account by Rs 2,000

Question :

A computer purchased on 1st October 2016 for Rs.40,000 debited to Office Expenses Account is to be brought into account on 31st March 2018 charging depreciation @10% p.a. on written down value basis.

Option 1: Revaluation debited by Rs 34,200

Option 2: Revaluation credited by Rs 34,200

Option 3: Revaluation debited by Rs 40,000

Option 4: None of the above

Question :

Stock is undervalued by 10% (Book Value of Stock Rs.54,000), Revaluation account will be 

Option 1: Debited with Rs 5400

Option 2: Credited with Rs 5,400

Option 3: Debited Rs 6,000

Option 4: Credited Rs 6,000