40 Views

Question : At the time of dissolution of a firm, Debtors were Rs. 34000 out of which Rs. 1000 became bad and the rest realised 60%. Which account will be debited and by how much amount?

Option 1: Realisation Account by Rs. 19800

Option 2: Profit and Loss Account by Rs 500

Option 3: Cash Account by Rs. 19800

Option 4: Debtors Account by Rs. 19800


Team Careers360 20th Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: Cash Account by Rs. 19800


Solution : Answer = Cash Account by Rs. 19800
When assets realised

Debtors 34,000
(-)Bad debt (1,000)
33,000

33,000×60%=19,800

Journal entry:
Bank/Cash a/c.......Dr 19,800
To Realisation a/c 19800
Hence, the correct option is 3.

Related Questions

Pearl Academy B.Des Admission...
Apply
No. 1 Design & Fashion Institute by ASSOCHAM, India Today, Outlook and The Week rankings | Last Date to Apply: 27th May
UPES B.Des Admissions 2025
Apply
Ranked #46 amongst Universities in India by NIRF | Ranked #1 in Academic Reputation in India by QS World University Rankings | Last Date to Apply: ...
Amity University, B.Design Ad...
Apply
Ranked amongst top 3% universities globally (QS Rankings)
Sharda University Admissions ...
Apply
North India's Largest Educational Group | NIRF Ranked 86 | NAAC A+ Grade | Highest Package 1.6 Cr | Scholarships upto 100% | Pay Rs.500 instead of ...
MAHE Manipal - B.Des Admissio...
Apply
Accorded Institution of Eminence by MoE, Govt. of India | NAAC A++ Grade | Ranked #4 India by NIRF 2024
Graphic Era (Deemed to be Uni...
Apply
NAAC A+ Grade | Among top 100 universities of India (NIRF 2024) | 40 crore+ scholarships distributed
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books