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.

Question : Realization expenses were to be borne by A for which he is to get a credit of Rs. 10,000. Actual realization expenses paid out of the firm Bank Account amounted to Rs. 12,000. Choose the correct Journal entry for the treatment of realization expenses.

Option 1: Realization account debit Rs 12,000 and credited Bank account Rs 12,000

Option 2: Debited realization account and credited partners capital account with Rs 12,000

Option 3: Debited A's capital account Rs 12,000 and credited bank account Rs 12,000

Option 4: None of these

Question : Realization expenses of Rs. 5,000 were to be borne by Pavit, a partner. However, it was paid by Hitesh, another partner. It was to be recorded in the books. The entry will be

Option 1: Debited realisation account Rs 5,000, credited Pavit's capital account Rs 5,000

Option 2: Debited realisation account Rs 5,000, credited Bank account Rs 5,000

Option 3: Debited realisation account Rs 5,000 and credited Hitesh's capital account Rs 5,000

Option 4: Debited Pavit's capital account and credited Hitesh's capital account Rs 5,000

Question : Jay, a partner, was appointed to look after the process of dissolution and was allowed a remuneration of Rs. 15,000. Jay agreed to bear dissolution expenses. Actual dissolution expenses Rs. 16,000 were paid by Vijay, another partner on behalf of Jay. The entry will be

Option 1: Debited Jay's capital Rs 16,000 and credited Vijay's capital account Rs 16,000

Option 2: Debited realisaton account Rs 15,000 and credited Jay's capital account Rs 15,000

Option 3: Both 1 and 2

Option 4: None of these

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

Option 4: None of the above