Question : Shiv, a creditor to whom Rs 6000 is due, accepted office equipment at Rs 4000 and the balance was paid to him. Realization account will be debited by -----
Option 1: Rs 6,000
Option 2: Rs 4,000
Option 3: Rs 2,000
Option 4: None of the above
Correct Answer: Rs 2,000
Solution : Answer = Rs 2,000 Realisation a/c......Dr 2,000 To Bank a/c 2,000
Hence, the correct option is 3.
Question : Harsh's loan of Rs. 6,000 was settled by paying Rs. 5,500. Choose the correct journal entry
Option 1: Harsh's loan account debited Rs 6000 and credited bank account Rs 6000
Option 2: Harsh's loan account debited Rs 5500 and credited bank account Rs 5500
Option 3: Harsh's loan account debited Rs 6000 , credited bank account Rs 5500 and credited realization account Rs 500
Question : Realization expenses amounted to Rs.20,000 and were paid by the firm. Rs.8,000 were to be borne by the firm and the balance by Maruti, a partner. In this case, the account will be debited is
Option 1: Realisation account debited by Rs 8000
Option 2: Realisation account debited by Rs 12000
Option 3: Realization account debited by Rs 20,000
Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following information was provided: Question: Realisation expenses amounted to Rs. 2,000 which were paid by Adiraj.
Option 1: Realization account debited Rs 2,000, credited bank account Rs 2,000
Option 2: Debited partner's capital account Rs 2,000 and credited bank account Rs 2,000
Option 3: Realization account debited Rs 2,000, credited partner's capital Rs 2,000
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