Question : On dissolution of a firm, a partner's capital account has a credit balance of Rs.84,000. His share of profit in the realization account is Rs.1,58,000 He has paid the firm's realisation expenses Rs.46,000. He will finally get a payment of

Option 1: 2,39,000

Option 2: 2,42,000

Option 3: 2,54,000

Option 4: 2,88,000

Question : On dissolution of a firm, a partner's capital account has a credit balance of Rs.84,000. His share of profit in the realization account is Rs.1,58,000 He has paid the firm's realisation expenses Rs.46,000. He will finally get a payment of

Option 1: 2,39,000

Option 2: 2,42,000

Option 3: 2,54,000

Option 4: 2,88,000

Question : On dissolution of a firm, the firm's Balance Sheet total is Rs. 7,70,000. On the assets side of the Balance Sheet items were shown preliminary expenses of Rs. 20,000; a Profit & Loss Account (Debit) Balance of Rs.8000 and a Cash Balance of Rs.18000. Loss on realisation was Rs. 63,000. Total assets (including cash balance) realised will be :

Option 1: Rs 6,61,000

Option 2: Rs 7,10,000

Option 3: Rs 6,47,000

Option 4: Rs 6,29,000

Question : On dissolution of a firm, the firm's Balance Sheet total is Rs. 7,70,000. On the assets side of the Balance Sheet items were shown preliminary expenses of Rs. 20,000; a Profit & Loss Account (Debit) Balance of Rs.8000 and a Cash Balance of Rs.18000. Loss on realisation was Rs. 63,000. Total assets (including cash balance) realised will be :

Option 1: Rs 6,61,000

Option 2: Rs 7,10,000

Option 3: Rs 6,47,000

Option 4: Rs 6,29,000

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 : On dissolution of a firm, a partner paid Rs. 6,500 for firm’s realisation expenses. Which account will be debited?

Option 1: Cash Account

Option 2: Realisation Account

Option 3: Capital Account of the Partner

Option 4: Profit & Loss A/c