Question : There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000 when the firm has been dissolved. Choose the Correct Journal entry :
Option 1: Nitin’s Capital A/c Dr. 3,000
To Realisation A/c 3,000
(Being unrecorded old computer taken over by the partner Nitin)
Option 2: Bank A/c Dr. 3,000
(Being unrecorded old computer taken over by the Partner)
Option 3: Realisation A/c Dr. 3,000
To Nitin’s Capital A/c 3,000
Option 4: None of the Above
Correct Answer: Nitin’s Capital A/c Dr. 3,000
Solution : Nitin’s Capital A/c Dr. 3,000
The correct answer is option 1.
Question : On dissolution of a firm, a partner took over Rs.34,000 investments for Rs.28,000. Which one of the following accounts will be debited/credited with how much amount?
Option 1: Partner's Capital Account Debit with 28,000
Option 2: Partner's Capital Account Credit with 34,000
Option 3: Realisation Account Credit with 34,000
Option 4: Realisation Account debited with 34,000
Question : Anil and Sunil are partners sharing profit and losses in the ratio of 3:2. They changed their profit-sharing ratio to 2:5 w.e.f 1st April 2002. The assets were revalued and liabilities were re-assessed on that date which resulted in a gain of Rs 80,000. It will be transferred to their capital account by
Option 1: Debiting Anil and Sunil's accounts both by Rs 40,000 each
Option 2: Debiting Anil‘s capital account and Sunil‘s capital account by Rs 80,000 each
Option 3: Crediting Anil’s capital account by RS 48,000 and Sunil's Capital account by Rs 32,000
Option 4: Crediting Anil’s capital account and Sunil's capital account by Rs 80,000 each
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 28,000. Claim for workmen compensation Rs. 20,000.
Option 1: Rs. 28,000 Debited to the Partner's capital Accounts.
Option 2: Rs. 2,000 Debited to Revaluation Account.
Option 3: Rs. 8,000 Credited to the Partner's capital Accounts.
Option 4: Rs. 20,000 to Debited Revaluation Account
Question : At the time of admission of a partner, what will be the effect of the following information? Balance in Workmen compensation reserve Rs. 1,40,000. Claim for workmen compensation Rs. 1,10,000.
Option 1: Rs. 1,40,000 Debited to the Partner's Capital Accounts.
Option 2: Rs. 1,10,000 Debited to Revaluation Account.
Option 3: Rs. 30,000 Credited to the Partner's Capital Accounts.
Option 4: Rs. 30,000 to Debited Revaluation Account.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile