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 : Mohan and Kanwar are partners in a firm. Their firm was dissolved on 1.1.2013. Mohan was assigned the work of dissolution. For this work Mohan was to be paid Rs.500. Mohan paid dissolution expenses of Rs.400 from his own pocket. Choose the correct Journal entry

Option 1: Debited realization account by Rs 400 and credited bank account Rs 400

Option 2: Debited realization account by Rs 900 and credited mohan's capital account Rs 900

Option 3: Debited realization account Rs 500 credited Moahn's capital acccout Rs 400 and bank account Rs 100

Option 4: None of the above

Question : Vijay, a partner, paid realization expenses of Rs. 10,000 and these were to be borne by him. Vijay's capital account will be

Option 1: Debited by Rs 10,000

Option 2: Credited by Rs 10,000

Option 3: Debited by Rs 1000

Option 4: None of the above.

Question : Vijay, a partner, paid realization expenses of Rs. 10,000 and these were to be borne by him. Vijay's capital account will be

Option 1: Debited by Rs 10,000

Option 2: Credited by Rs 10,000

Option 3: Debited by Rs 1000

Option 4: None of the above.

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