Question : Half of the Trade Creditors valued Rs 40,000 accepted Plant and Machinery at 10% less than the book value and Cash of Rs. 5,000 in full settlement of their claims. The remaining Trade Creditors were paid at a discount of 10%. The entry will be

Option 1: Realization account debited and Bank account credited by Rs 5,000

Option 2: Realization account debited and Bank account credited by Rs 36,000

Option 3: Realization account debited and Bank account credited by Rs 41,000

Option 4: Realization account debited and Bank account credited by Rs 80,000

Question : In the Settlement Of Varun's ( partner) loan Of Rs 50,00 to the firm, a computer net appearing in the books is taken over by him at an agreed value of Rs 30,000.
The realization account will be

Option 1: Debited by Rs 30,000

Option 2: Credited by Rs 30,000

Option 3: Debited by Rs 50,000

Option 4: Credited by Rs 50,000

Question : In the Settlement Of Varun's ( partner) loan Of Rs 50,00 to the firm, a computer net appearing in the books is taken over by him at an agreed value of Rs 30,000.
The realization account will be

Option 1: Debited by Rs 30,000

Option 2: Credited by Rs 30,000

Option 3: Debited by Rs 50,000

Option 4: Credited by Rs 50,000

Question :

A liability for a claim, included in creditors for Rs.20,000 is settled at Rs.16,000. The revaluation account  will  be -----

Option 1: Debited by Rs 4,000

Option 2: Credited by Rs 4,000

Option 3: No effect on revaluation account

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.