Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?

Option 1: Partner's Capital Account Debit with 28,000

Option 2: Partner's Capital Account Credit with 34,000

Option 3: Realisation Account Credit with 34,000

Option 4: Realisation Account debited with 34,000

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.

Option 1: Rs. 28,000 Debited to the Partner's capital Accounts. 

Option 2: Rs. 2,000 Debited to Revaluation Account.

Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.

Option 4:  Rs. 20,000 to Debited Revaluation Account 

Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.

Option 1: Rs. 1,40,000 Debited to the Partner's Capital Accounts. 

Option 2: Rs. 1,10,000 Debited to Revaluation Account.

Option 3: Rs. 30,000 Credited to the Partner's Capital Accounts.

Option 4: Rs. 30,000 to Debited Revaluation Account.

Question : On firm dissolution, which one of the following accounts should be prepared at the last?

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash account

Question : On firm dissolution, which one of the following accounts should be prepared at the last?

Option 1: Realization account

Option 2: Partner's capital account

Option 3: Partner's loan account

Option 4: Cash account