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 : 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 : On dissolution of a firm, a partner paid Rs. 6,500 for firm’s realisation expenses. Which account will be debited?

Option 1: Cash Account

Option 2: Realisation Account

Option 3: Capital Account of the Partner

Option 4: Profit & Loss A/c

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 : In the case of fixed capital, interest on capital

Option 1: is credited to the partner's capital account

Option 2: is credited to the partner's current account

Option 3: maybe credited to the partner's capital and current account

Option 4: is debited to the partner's capital account