Question : In the case of fixed capital, interest on capital

Option 1: is credited to the partner's capital account

Option 2: is credited to the partner's current account

Option 3: maybe credited to the partner's capital and current account

Option 4: is debited to the partner's capital account

Question : When a partner pays unrecorded liability is --------------------debited and concerned ------------------------is credited.

Option 1: Realization account debited, concerned partner's capital account

Option 2: Concerned partner's capital, realization account

Option 3: Unrecorded liability debited, cash account 

Option 4: None of the above.

Question : Realization expenses of Rs. 5,000 were to be borne by Pavit, a partner. However, it was paid by Hitesh, another partner. It was to be recorded in the books. The entry will be

Option 1: Debited realisation account Rs 5,000, credited Pavit's capital account Rs 5,000

Option 2: Debited realisation account Rs 5,000, credited Bank account Rs 5,000

Option 3: Debited realisation account Rs 5,000 and credited Hitesh's capital account Rs 5,000

Option 4: Debited Pavit's capital account and credited Hitesh's capital account Rs 5,000

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 : P, R and A are partners sharing profit and losses in the ratio of 1:1:1. A retired on 1st April, 2021. P and R decided to continue the business share profit in the ratio of 3: 2. They also decided to give effect to the change In value of assets and liabilities without changing their book value Profit on revaluation is Rs 1,35,000. Adjustment entry will be:

Option 1: Debited revaluation account Rs 1,35,000 and credited old partners capital account by Rs 1,35,000

Option 2: Debited P's capital account by Rs 36,000 and debited R's capital account by Rs 9,000 and credited A's capital account by Rs 45,000

Option 3: Old partner's capital account debited and credited revaluation account by Rs 1,35,000

Option 4: Credited P's capital account by Rs 36,000 and credited R's capital account by Rs 9,000 and debited A's capital account by Rs 45,000