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 : Q, a partner, was appointed to look after the process of dissolution for which he was
allowed a remuneration of Rs. 18,000. Q agreed to take over stock worth Rs. 18,000 as his remuneration. The stock had already been transferred to the Realisation Account. The entry will be

Option 1: Debited realization account Rs 18,000 and credited Q's capital account Rs 18,000

Option 2: Debited realization account Rs 18,000 and credited bank account Rs 18,000

Option 3: No entry required

Option 4: Debited bank account Rs 18,000 and credited partner's capital account Rs 18,000

Question : Sudhir, a partner, was allowed a remuneration of Rs. 10,000 to carry out dissolution of the firm. He was to bear all expenses of realisation which amounted to Rs. 16,000 were paid by the firm. In this case partner's capital account will be debited by ------------

Option 1: Rs 10,000

Option 2: Rs 16,000

Option 3: Rs 6,000

Option 4: Rs 26,000

Question : Sudhir, a partner, was allowed a remuneration of Rs. 10,000 to carry out dissolution of the firm. He was to bear all expenses of realisation which amounted to Rs. 16,000 were paid by the firm. In this case partner's capital account will be debited by ------------

Option 1: Rs 10,000

Option 2: Rs 16,000

Option 3: Rs 6,000

Option 4: Rs 26,000

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