Question : Akash, Naveen and Zaid are partners sharing profits in the ratio of 3: 2: 2. Zaid died on 1 st September 2016, The total amount owed by the firm to his executors was Rs. 60,000. The firm decided to pay him in three equal annual instalments carrying interest @ 6% p.a. beginning on 1st September 2017.

Choose the correct Journal.

Option 1: Zaid's Capital A/c Dr. 60,000
To Zaid's Executor's A/c 60,000

Option 2: Zaid's Capital A/c Dr. 60,000
To Zaid's Loan A/c 60,000

Option 3: Zaid's Capital A/c Dr. 60,000
To Bank A/c 60,00

Option 4: Zaid's Capital A/c Dr. 60,000
To Zaid's Executor's A/c 30,000
To Bank a/c 30,000

Question : Apurva, Dimple, Komal and Saloni are partners in a firm sharing profits and losses in the ratio of 2: 2: 1: 1. Dimple and Komal decided to retire from the firm. The goodwill of the firm was valued at Rs.9,00,000. Apurva and Saloni decided to share future profits and losses in the ratio of 3: 2
Choose the correct Journal entry.

Option 1: Apurva's Capital A/c........Dr 2,40,000
Saloni's Capital A/c..........Dr 2,10,000
To Dimple's Capital A/c 3,00,000
To Komal Capital A/c 1,50,000

Option 2: Saloni's Capital A/c.........Dr 2,10,000
To Dimple's Capital A/c 60,000
To Komal Capital A/c 1,50,000

Option 3: Apurva's Capital A/c..........Dr 4,50,000
To Dimple's Capital A/c 3,00,000
To Komal Capital A/c 1,50,000

Option 4: None of the above.

Question : Choose the incorrect journal entry. When Present Adjusted Capital (after adjustments) is more than the Proportionate Capital:

Option 1: Concerned Partner's Capital A/c ...Dr.
To Cash A/c or Bank A/c

Option 2: Concerned Partner's Capital A/c ...Dr.
To Concerned Partner's Current A/c

Option 3: Cash A/c or Bank A/c or Concerned Partner's Current A/c.....Dr
To Concerned Partner's Capital A/c .

Option 4: None of the above

Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018.
Choose an appropriate journal entry to be passed for deficiency.

Option 1: Maanika's capital a/c Dr 1,50,000
Bhari's capital a/c Dr 50,000
  To Komal's capital a/c 2,00,000

Option 2: Maanika's capital a/c Dr 2,00,000
To Komal's capital a/c 2,00,000.

Option 3: Komal's capital a/c Dr 4,00,000
To Maanika's capital a/c 2,40,000
To Bhari's capital a/c 1,60,000

Option 4: Maanika's capital a/c Dr 2,40,000
Bhari's capital a/c Dr 1,60,000
To Komal's capital a/c 4,00,000.

Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018.
Choose an appropriate journal entry to be passed for deficiency.

Option 1: Maanika's capital a/c Dr 1,50,000
Bhari's capital a/c Dr 50,000
  To Komal's capital a/c 2,00,000

Option 2: Maanika's capital a/c Dr 2,00,000
To Komal's capital a/c 2,00,000.

Option 3: Komal's capital a/c Dr 4,00,000
To Maanika's capital a/c 2,40,000
To Bhari's capital a/c 1,60,000

Option 4: Maanika's capital a/c Dr 2,40,000
Bhari's capital a/c Dr 1,60,000
To Komal's capital a/c 4,00,000.