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. 40,000. The Bank account will be debited/credited by Rs___________.

Option 1: Debited by Rs 10,000

Option 2: Credited by Rs 50,000

Option 3: Debited by Rs 40,000

Option 4: Credited by Rs 10,000

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 : 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

Question :

R Ltd. issued 10,000, 12% Debentures of Rs. 100 each at a discount of 5%. Discount on issue of debenture account will be ----------. Debenture account credited by --------

Option 1: Debited by Rs 50,000, Debentures credited by 10,00,000

Option 2: Credited by Rs 50,000 debentures account credited by 10,00,000

Option 3: Debited by Rs 50,000 Debentures account credited by Rs 9,50,000

Option 4: None of the above 

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