Question : On Dissolution of Parth Ltd. it was found that unrecorded plant of Rs.50,000 realised at Rs.35,000. what will be the journal entry of the transaction?

Option 1: Cash/ bank A/c     Dr. 35000

To Plant A/c                 35000

 

Option 2: Cash/ bank A/c     Dr. 35000

To Realisation A/c         35000

Option 3: Cash/ bank A/c     Dr. 35000

To Profit/ Loss  A/c         35000

Option 4: None of the Above

Question : On dissolution of the firm, amount of sundry debtors was Rs.1,80,000. B (a partner) took over debtors amounted to Rs.90,000 at Rs.85000 and the remaining debtors were sold to a debt collecting agency at 15% of the value. What will be the entries for the transaction?

Option 1: (1) B's capital A/c     Dr   180000

To Realisation A/c    180000

(2) Cash/Bank A/c      Dr.   76500

Toi Realisation A/c     76500

Option 2: (1) B's capital A/c     Dr   85000

To Realisation A/c    85000

(2) Cash/Bank A/c      Dr.   13500

Toi Realisation A/c     13500

Option 3: (1) B's capital A/c     Dr   85000

To Realisation A/c    85000

(2) Cash/Bank A/c      Dr.   76500

Toi Realisation A/c     76500

Option 4: None of the above

Question : A and B Partners. They decided to dissolve their firm on 31st March 2022. Creditors worth Rs.90,000, accepted Rs.55,000 on dissolution. The Journal Entry to record the settlement of creditors will be :

Option 1: Cash  A/c      Dr    55000

To Realisation A/c  55000

Option 2: Realisation A/c  55000

To Cash  A/c         55000

Option 3: Creditors A/c     Dr.   90000

To Cash A/c   55000

To P/L  A/c     35000

Option 4: None of the Above

Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.

Option 1: Realisation A/c ...Dr. 10,000
To Cash/BankA/c 10,000

Option 2: Realisation A/c ...Dr. 10,000
To Concerned Partner's Capital A/c 10,000

Option 3: Concerned Partner's Capital A/c Dr. 10,000
To Cash/Bank A/c 10,000

Option 4: Cash/BankA/c..Dr. 10,000
To Realisation A/c 10,000

Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.

Option 1: Realisation A/c ...Dr. 10,000
To Cash/BankA/c 10,000

Option 2: Realisation A/c ...Dr. 10,000
To Concerned Partner's Capital A/c 10,000

Option 3: Concerned Partner's Capital A/c Dr. 10,000
To Cash/Bank A/c 10,000

Option 4: Cash/BankA/c..Dr. 10,000
To Realisation A/c 10,000

Question : Realisation Expenses, 15,000 were paid by the firm on behalf of a partner. The Journal Entry passed will be:

Option 1: Realisation A/c Dr. 15,000
To Cash/Bank A/c 15,000

Option 2: Realiastion A/c Dr. 15,000
To Concerned Partner’s Capital A/c 15,000

Option 3: Concerned Partner’s Capital A/c Dr. 15,000
To Cash/Bank A/c 15,000

Option 4: Cash/Bank A/c Dr. 15,000
To Realisation A/c 15,000