Question : Credit side of revaluation account Rs 60,000 and debit side of revaluation account Rs 40,000 . Entry for the balance will be .

Option 1: A and B debited with Rs 12,000 and Rs 8,000 and credited revaluation account Rs 20,000

Option 2: Revaluation account Dr Rs 20,000 and crediting A's account Rs 12,000 and B's account Rs 8,000

Option 3: Revaluation account Dr 20,000 and crediting A, B and C with Rs 6,667 each

Option 4: None of the above

Question : Vijay, a partner, paid realization expenses of Rs. 10,000 and these were to be borne by him. Vijay's capital account will be

Option 1: Debited by Rs 10,000

Option 2: Credited by Rs 10,000

Option 3: Debited by Rs 1000

Option 4: None of the above.

Question : Vijay, a partner, paid realization expenses of Rs. 10,000 and these were to be borne by him. Vijay's capital account will be

Option 1: Debited by Rs 10,000

Option 2: Credited by Rs 10,000

Option 3: Debited by Rs 1000

Option 4: None of the above.

Question : Bina and Tina are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 5:3 w.e.f  1st April 2020. The assets were revalued and liabilities were re-assessed on that date which resulted in a Loss of Rs 80,000. It  will be transferred to their capital account by 

Option 1: Debiting Bina's capital account and crediting Tina’s capital account by Rs 16,000

Option 2: Debiting Bina’s capital account by Rs 48,000 and Tina’s capital account by Rs 32,000

Option 3: Debiting Bina’s capital account and crediting Tina’s capital account by Rs 40,000

Option 4:  Crediting Bina ‘s capital account by Rs 48,000 and Tina’s capital account by Rs 32,000

Question : The amount of sundry assets transferred to Realisation A/c was Rs.1,20,000, 50% of them have been sold at a profit of Rs.25,000. 30% of the remaining assets were sold at a discount of 12% and the remaining were taken over by X (Partner) at 25% above book value. At what value was the asset taken over by X?

Option 1: Rs.52,500

Option 2: Rs.42,000

Option 3: Rs.60,000

Option 4: None of the Above