Question : B a partner took Stock-in-Trade at Rs. 70,000 and some of the Sundry Assets at Rs. 72,000 (being 10% less than book value). The Book value of sundry assets taken over by B is ----B's capital account will be ...

Option 1: Rs 80,000 Debited by Rs 1,34,800

Option 2: Rs 64,800 Credited by Rs 1,34,800

Option 3: Rs 80,000 Debited by Rs 1,42,000

Option 4: None of the above

Question : On dissolution I of the firm sundry assets were Rs 2,34,000. Mohit took part of sundry assets at Rs 1,44,000 ( being 10% less than the book value ). Sita took the remaining sundry assets 80% of the book value. The realization account is to be credited with

Option 1: Rs 2,03,200

Option 2: Rs 2,16,000

Option 3: Rs 1,44,000

Option 4: Rs 84,000

Question : There were investment worth Rs.1,20,000, 75% of the investment were taken over by partner at 75% of the book value. The value at which the investment are taken over is ?

Option 1: Rs.80,000

Option 2: Rs.90,000

Option 3: Rs.65,000

Option 4: Rs.67,500

Question : Phiu, Queen and Lilly commenced business on 1st April 2019 with capitals of:

Phiu -Rs. 2,00,000; Queen -Rs. 2,00,000 and Lilly -Rs. 1,00,000. Profits are shared in the ratio of 4:3:3. Capital carried interest @ 5% p.a. During the year 2019-20, the firm suffered a loss of Rs. 1,50,000 before allowing interest on capital. Drawings of each partner during the year were Rs. 20,000. On 31st March 2020, the partners agreed to dissolve the firm as it was no longer profitable. The creditors on that date were Rs. 40,000. The assets realised a net value of Rs. 3,20,000 and the expenses of realisation were Rs. 7,000.

The value of sundry assets are __________and loss of realization will be____________.

Option 1: The value of sundry assets are Rs 3,50,000, and loss on realisation Rs 17,000

Option 2: The value of sundry assets Rs 3,30,000 and loss on realization Rs 17000

Option 3: The value of Sunday assets Rs 33000 and loss on realization Rs 17000

Option 4: None of the above

Question : Book Value of assets (other than cash and bank) transferred to Realisation Account is Rs. 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaining assets are handed over to a Creditor, in full settlement of his claim. The entry will be

Option 1: Debited bank account Rs 52,000 and debited partner's capital account with Rs 40,000 credited realization account Rs 92,000

Option 2: Debited bank account Rs 40,000 and partners capital account Rs 52,000 credited realization account Rs 92,000

Option 3: Debited bank account Rs 50,000 and partner's capital account with Rs 50,000 credited realization account Rs 1,00,000

Option 4: None of the above