Question : Which of the following statements is correct?

Option 1: Loan to Partner Account and Loan by Partner Account may be transferred to his Executor’s  Account

Option 2: Loan to Partner Account and Loan by Partner Account may be transferred to his capital account 

Option 3: Both 1 and 2

Option 4: None of the above 

Question : The sum owed to a partner upon his passing/death shall be credited to -

Option 1: Remaining partner’s Capital Accounts

Option 2: All partner’s Capital Accounts

Option 3: His Executor’s Account

Option 4: Governments’ Revenue Account

Question : Choose the correct Journal entry, when deceased partners share is loss:

Option 1: Deceased Partner’s  Capital A/c ...Dr.

To Profit and Loss Suspense A/c

Option 2: Deceased partner’s capital account Dr 

To profit and loss Adjustment Account

Option 3: Deceased partner’s capital Account Dr 

To profit and loss account 

Option 4: None of the above

Question : Choose the correct Journal entry, when deceased partners share is loss:

Option 1: Deceased Partner’s  Capital A/c ...Dr.

To Profit and Loss Suspense A/c

Option 2: Deceased partner’s capital account Dr 

To profit and loss Adjustment Account

Option 3: Deceased partner’s capital Account Dr 

To profit and loss account 

Option 4: None of the above

Question : P Q and R are partners sharing profit and losses in the ratio of 5:3:2. R retires and goodwill is valued at  Rs 80,000. Adjustments for goodwill will be 

Option 1: Cr R’s capital  account by Rs 80,000, Dr P’s capital account Rs 50,000 and Dr Q’s capital account by Rs 30,000

Option 2: Cr R’s capital account by Rs 16,000, Dr P’s capital account by Rs 8,000 and Dr Q ’s capital account by Rs 8,000

Option 3: Cr R’s capital account by Rs 16,000 and debit P’s capital account by Rs 10,000 and Dr Q’s  capital account by Rs 6,000

Option 4: Cr R’s capital account by Rs 80,000. Dr P’s capital account by Rs 40,000 and Dr Q’s capital account by Rs 40,000