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

Question : Half of the Trade Creditors valued Rs 40,000 accepted Plant and Machinery at 10% less than the book value and Cash of Rs. 5,000 in full settlement of their claims. The remaining Trade Creditors were paid at a discount of 10%. The entry will be

Option 1: Realization account debited and Bank account credited by Rs 5,000

Option 2: Realization account debited and Bank account credited by Rs 36,000

Option 3: Realization account debited and Bank account credited by Rs 41,000

Option 4: Realization account debited and Bank account credited by Rs 80,000

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 : 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