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 : 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

Question : Choose the incorrect journal entry. When Present Adjusted Capital (after adjustments) is more than the Proportionate Capital:

Option 1: Concerned Partner's Capital A/c ...Dr.
To Cash A/c or Bank A/c

Option 2: Concerned Partner's Capital A/c ...Dr.
To Concerned Partner's Current A/c

Option 3: Cash A/c or Bank A/c or Concerned Partner's Current A/c.....Dr
To Concerned Partner's Capital A/c .

Option 4: None of the above

Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018.
Choose an appropriate journal entry to be passed for deficiency.

Option 1: Maanika's capital a/c Dr 1,50,000
Bhari's capital a/c Dr 50,000
  To Komal's capital a/c 2,00,000

Option 2: Maanika's capital a/c Dr 2,00,000
To Komal's capital a/c 2,00,000.

Option 3: Komal's capital a/c Dr 4,00,000
To Maanika's capital a/c 2,40,000
To Bhari's capital a/c 1,60,000

Option 4: Maanika's capital a/c Dr 2,40,000
Bhari's capital a/c Dr 1,60,000
To Komal's capital a/c 4,00,000.