Question : Q, a partner, was appointed to look after the process of dissolution for which he was
allowed a remuneration of Rs. 18,000. Q agreed to take over stock worth Rs. 18,000 as his remuneration. The stock had already been transferred to the Realisation Account. The entry will be

Option 1: Debited realization account Rs 18,000 and credited Q's capital account Rs 18,000

Option 2: Debited realization account Rs 18,000 and credited bank account Rs 18,000

Option 3: No entry required

Option 4: Debited bank account Rs 18,000 and credited partner's capital account Rs 18,000

Question : An old computer completely written off was sold for Rs. 2,000 as scrap. Choose the correct Journal entry

Option 1: Computer account debited by Rs 2,000 and credited revaluation account Rs 2,000

Option 2: Revaluation account debited by Rs 2,000 and credited computer account Rs 2,000

Option 3: Debited bank account by Rs 2,000 and credited revaluation account by Rs 2,000

Option 4: debited revaluation account Rs 2,000 and credited bank account by Rs 2,000

Question : A, B and C were partners sharing profits in the ratio of 2: 3: 4. On 15th March 2018 B died and the new profit-sharing ratio of A and C was 5: 4. On B's death the goodwill of the firm was valued at Rs.75,000. Choose the correct Journal entry with respect to the treatment of goodwill.

Option 1: Debited A and Credited B Rs 25,000

Option 2: Credited A and debited B Rs 25,000

Option 3: Debited B and Credited C Rs 25,000

Option 4: Debited A Rs 12,500, debited C Rs 12,500 and Credited B Rs 25,000

Question : A, B and C were partners sharing profits in the ratio of 2: 3: 4. On 15th March 2018 B died and the new profit-sharing ratio of A and C was 5: 4. On B's death the goodwill of the firm was valued at Rs.75,000. Choose the correct Journal entry with respect to the treatment of goodwill.

Option 1: Debited A and Credited B Rs 25,000

Option 2: Credited A and debited B Rs 25,000

Option 3: Debited B and Credited C Rs 25,000

Option 4: Debited A Rs 12,500, debited C Rs 12,500 and Credited B Rs 25,000

Question : Value of Land & Building is to be increased by Rs.5,00,000 (Book Value Rs.4,00,000), Revaluation will be

Option 1: Debited with Rs 1,00,000

Option 2: Credited with Rs 1,00,000

Option 3: Debited with Rs 5,00,000

Option 4: Credited with Rs 5,00,000