Question : There was no workmen compensation reserve in the balance sheet and firm had to pay to the workers at the time of dissolution. The correct journal entry would be

Option 1: Workmen Compensation Reserve A/c Dr. 20,000
      To Bank A/c 20,000

Option 2: Realisation A/c Dr. 20,000
     To Bank A/c 20,000

Option 3: Workmen Compensation Claim A/c Dr. 20,000
     To Partner's Capital A/c 20,000

Option 4: None of the above

Question : Realisation Expenses, 15,000 were paid by the firm on behalf of a partner. The Journal Entry passed will be:

Option 1: Realisation A/c Dr. 15,000
To Cash/Bank A/c 15,000

Option 2: Realiastion A/c Dr. 15,000
To Concerned Partner’s Capital A/c 15,000

Option 3: Concerned Partner’s Capital A/c Dr. 15,000
To Cash/Bank A/c 15,000

Option 4: Cash/Bank A/c Dr. 15,000
To Realisation A/c 15,000

Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.

Option 1: Realisation A/c ...Dr. 10,000
To Cash/BankA/c 10,000

Option 2: Realisation A/c ...Dr. 10,000
To Concerned Partner's Capital A/c 10,000

Option 3: Concerned Partner's Capital A/c Dr. 10,000
To Cash/Bank A/c 10,000

Option 4: Cash/BankA/c..Dr. 10,000
To Realisation A/c 10,000

Question : Realisation expenses of Rs 10,000 were paid by the firm. Choose the correct journal entry.

Option 1: Realisation A/c ...Dr. 10,000
To Cash/BankA/c 10,000

Option 2: Realisation A/c ...Dr. 10,000
To Concerned Partner's Capital A/c 10,000

Option 3: Concerned Partner's Capital A/c Dr. 10,000
To Cash/Bank A/c 10,000

Option 4: Cash/BankA/c..Dr. 10,000
To Realisation A/c 10,000

Question : What would be closing entry for goodwill given in balance sheet at the time of dissolution of a partnership firm?

Option 1: Goodwill Alc
    To Partner's Capital Alc

Option 2: Goodwill Alc Dr.
       To Realisation A/C

Option 3: Realisation Alc Dr.
      To Goodwill Alc

Option 4: Partner's Capital Alc Dr.
        To Goodwill A/C

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