Question :
Match the following -
|
(A) When assets are sold for cash |
(i) Bank A/c Dr To Realisation A/c |
|
(B) When an asset is taken over by a partner |
(ii) No entry |
|
(C) When the assets are given to any of the creditors towards the payment of his dues |
(iii) Partner Capital A/c Dr To Realisation A/c |
Choose the correct option from below
Option 1: A(iii), B(ii), C(i)
Option 2: A (i), B (iii), C (ii)
Option 3: A (ii), B (iii), C (i)
Option 4: A (i), B (ii), C (iii)
Correct Answer: A (i), B (iii), C (ii)
Solution :
Explanation:
Situation 1 : When assets are sold for cash (Bank A/c Dr. and Realisation A/c Cr.)
Situation 2 : When the asset is taken over by a partner (Partner’s Capital A/c Dr. and Realisation A/c Cr.)
Situation 3 : When the assets are given to any of the creditors towards the payment of his dues (No Entry in such case).
Hence the correct answer is option 2.
Related Questions
Question :
Calculate Operating ratio -
|
Particulars |
Amount |
|
Revenue from Operations |
600000 |
|
Gross profit |
20% |
|
Office Expense |
30000 |
|
Selling Expense |
48000 |
Option 1: 80%
Option 2: 95.33%
Option 3: 85%
Option 4: 93%
Question :
Calculate Cash Flow From Investing activities From the following information -
|
Particulars |
Amount |
|
Purchase of machine |
300000 |
|
Purchase of goodwill |
150000 |
|
Purchase of Investment |
200000 |
|
Sale of Machine |
85000 |
|
Sale of inveatment |
80000 |
|
Sale of Patents |
90000 |
|
Interest and dividend Received |
60000 |
|
Rent Received |
80000 |
Option 1: Rs.(2,55,000)
Option 2: Rs.6,50,000
Option 3: Rs.3,95,000
Option 4: None of the Above
Question :
On the basis of following information received from a firm, its proprietary ratio will be -
|
Particulars |
Amount |
|
Fixed assets |
330000 |
|
Current assets |
190000 |
|
Preliminary Exp. |
30000 |
|
Equity share capital |
244000 |
|
Prefrence share capital |
170000 |
|
Reserve Fund |
58000 |
Option 1: 80%
Option 2: 85%
Option 3: 70%
Option 4: 90%
Question :
From the Following information what will be the amount of asset purchased during the year?
|
Particulars |
Closing |
Opening |
|
Machinery (At cost) |
690000 |
600000 |
|
Accumulated Depreciation |
90000 |
60000 |
Additional information: During the year a machine coating Rs.50,000 with accumulated depreciation Rs.32,000 was sold for Rs.20,000.
Option 1: Rs.1,40,000
Option 2: Rs.1,20,000
Option 3: Rs.1,65,000
Option 4: None of the above
Question : M & N were partners. They decided to dissolve their firm on 31st march 2022. The balance sheet of the firm is given below. M undertook to pay Mrs. M Loan and took over 40% of the stock and 70% of machinery at a discount of 15%.The Value at which asset is taken over by M will be :
Balance sheet as at 31st march 2022
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital M |
40000.00 |
Furniture |
50000.00 |
|
N |
100000.00 |
Machinery |
20000.00 |
|
Mrs. M Loan |
15000.00 |
Stock |
50000.00 |
|
Cash in Hand |
35000.00 |
||
|
155000.00 |
155000.00 |
Option 1: Rs.17,000
Option 2: Rs.5,100
Option 3: Rs.28,900
Option 4: None of the Above
