Question : Choose the correct Journal entry with respect to the loan by Amit (Partner) for the following cases at the time of the firm's dissolution:
Question:
The loan by Amit (Partner) is Rs. 50,000 and the Balance in his Capital Account (debit) is Rs. 60,000. The Bank account will be ___________and with Rs____________.

Option 1: Credited by Rs 10,000

Option 2: Credited By Rs 50,000

Option 3: Debited By Rs 10,000

Option 4: Debited By Rs 50,000

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 : In the Settlement Of Varun's ( partner) loan Of Rs 50,00 to the firm, a computer net appearing in the books is taken over by him at an agreed value of Rs 30,000.
The realization account will be

Option 1: Debited by Rs 30,000

Option 2: Credited by Rs 30,000

Option 3: Debited by Rs 50,000

Option 4: Credited by Rs 50,000

Question : In the Settlement Of Varun's ( partner) loan Of Rs 50,00 to the firm, a computer net appearing in the books is taken over by him at an agreed value of Rs 30,000.
The realization account will be

Option 1: Debited by Rs 30,000

Option 2: Credited by Rs 30,000

Option 3: Debited by Rs 50,000

Option 4: Credited by Rs 50,000

Question : B, K and P are partners sharing profits in the ratio of 2:3:4. P died on 31^st March 2012 and for this purpose, goodwill is valued at one and half year’s purchase of average super profits of the last three years.
Profits for the last three years are as under :
First-year Rs. 50,000
Second year Rs. 55,000     
Third year Rs.75,000
The normal profits for similar firms is Rs.45,000.
Choose the correct Journal entry with respect to the treatment of goodwill.

Option 1: Debited B by Rs 6,000 and K debited by Rs 4,000 and credited P’s account by Rs 10,000

Option 2: Debited B by Rs 4,000 and K debited by Rs 6,000 and credited P’s account by Rs 10,000

Option 3: Debited B by Rs 10,000 and credited P By Rs 10,000

Option 4: Debited K by Rs 10,000 and credited P by Rs 10,000