Question : When outsider liabilities accept an asset whose value is more than the amount due to him, he will the --------------excess amount which will be credited ---------------Account

Option 1: Not pay, capital account

Option 2: Pay, current account

Option 3: Pay, bank account

Option 4: None of the above

Question : When outsider liabilities accept an asset whose value is more than the amount due to him, he will the --------------excess amount which will be credited ---------------Account

Option 1: Not pay, capital account

Option 2: Pay, current account

Option 3: Pay, bank account

Option 4: None of the above

Question : When a Creditor takes over an asset whose value is less than the amount due to him in full settlement of his claim, what entry shall be passed?

Option 1: Debited realization account

Option 2: Credited realization account

Option 3: Credited bank account

Option 4: No entry required

Question : Current Ratio is 3.5 : 1. Working Capital is Rs. 90,000. Calculate the amount of Current Assets and Current Liabilities -

Option 1: Current Liabilities is Rs.36,000 and Current Asset is Rs.1,26,000. 

Option 2: Current Liabilities is Rs.25,000 and Current Asset is Rs.1,15,000. 

Option 3: Current Liabilities is Rs.46,000 and Current Asset is Rs.1,36,000. 

Option 4: None of the above

Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------.

Option 1: concerned partners' capital account and cash Account

Option 2: concerned partners' capital account and Realization account

Option 3: realization account and partners capital account

Option 4: none of the above

Question : When the unrecorded asset is taken by partners, it is debited to --------------------and credited to----------------------.

Option 1: concerned partners' capital account and cash Account

Option 2: concerned partners' capital account and Realization account

Option 3: realization account and partners capital account

Option 4: none of the above