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 : 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 : Choose the correct Journal entry with respect to loan by Amit (Partner) for the following cases at the time of the firm's dissolution:
The loan by Amit (Partner) is Rs. 50,000 and the Balance in his Capital Account
(credit) is Rs. 25,000.

Option 1: debited partner's loan account and credited partner's capital account with Rs 25,000

Option 2: debited realization account and credited Banka account Rs 25,000

Option 3: Debited partner's loan account and credited bank account with Rs 25,000

Option 4: None of the above

Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry

Option 1: Harsh's loan account debited Rs 6000 and credited bank account Rs 6000

Option 2: Harsh's loan account debited Rs 5500 and credited bank account Rs 5500

Option 3: Harsh's loan account debited Rs 6000 , credited bank account Rs 5500 and credited realization account Rs 500

Option 4: None of the above

Question : Mohan and Kanwar are partners in a firm. Their firm was dissolved on 1.1.2013. Mohan was assigned the work of dissolution. For this work Mohan was to be paid Rs.500. Mohan paid dissolution expenses of Rs.400 from his own pocket. Choose the correct Journal entry

Option 1: Debited realization account by Rs 400 and credited bank account Rs 400

Option 2: Debited realization account by Rs 900 and credited mohan's capital account Rs 900

Option 3: Debited realization account Rs 500 credited Moahn's capital acccout Rs 400 and bank account Rs 100

Option 4: None of the above