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 : 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

Question : Realization expenses were to be borne by A for which he is to get a credit of Rs. 10,000. Actual realization expenses paid out of the firm Bank Account amounted to Rs. 12,000. Choose the correct Journal entry for the treatment of realization expenses.

Option 1: Realization account debit Rs 12,000 and credited Bank account Rs 12,000

Option 2: Debited realization account and credited partners capital account with Rs 12,000

Option 3: Debited A's capital account Rs 12,000 and credited bank account Rs 12,000

Option 4: None of these

Question : Jeev, a partner, agreed to do the work of dissolution for which he was allowed a commission of Rs. 10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jeev were Rs. 12,000.These expenses were paid by Jeev by drawing cash from the firm. The entry will be

Option 1: Partners capital account Debited and credited realisation account Rs 12,000

Option 2: Debited partners' capital account and credited bank account with Rs 12,000

Option 3: Realiation account debited with Rs 2000 and credited bank account with Rs 2000

Option 4: none of the above

Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided:
Question:
Realisation expenses amounted to Rs. 2,000 which were paid by Adiraj.

Option 1: Realization account debited Rs 2,000, credited bank account Rs 2,000

Option 2: Debited partner's capital account Rs 2,000 and credited bank account Rs 2,000

Option 3: Realization account debited Rs 2,000, credited partner's capital Rs 2,000

Option 4: None of the above