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Sundry creditors amounted to Rs, 8,00...

Sundry creditors amounted to Rs, 8,000 These were paid at a discount of 5% Realisation account will be debited by …………

A

Rs, 8,000

B

Rs ,7,600

C

Rs,400

D

Rs.8,400

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The correct Answer is:
B
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What journal entries would be recorded for the following transactions on the dissolution of a firm after various assets (other than cash) on the third party liabilities have been transferred to Reliasation account. 1. Arti took over the Stock worth Rs. 80,000 at Rs. 68,000. 2. There was unrecorded Bike of Rs. 40,000 which was taken over By Mr. Karim. 3. The firm paid Rs. 40,000 as compensation to employees. 4. Sundry creditors amounting to Rs. 36,000 were settled at a discount of 15%. 5. Loss on realisation Rs. 42,000 was to be distributed between Arti and Karim in the ratio of 3:4.

Balance Sheet of a firm as at 31st March , 2019 was : The firm was dissolved on the above date . X took the Investments at a value of ₹ 1, 90 , 000 . Cash realised was : Freehold Property ₹ 9 , 00 , 000 , Sundry Debtors ₹ 90, 000 and Stock ₹ 1, 40 , 000 . Creditors were paid at a discount of 5% . Realisation Expenses were ₹ 20 , 000 . Pass Journal entries and prepare necessary Ledger Accounts to close the books .

DK GOEL-DISSOLUTION OF A PARTNERSHIP FIRM-MULTIPLE CHOICE QUESTIONS
  1. On dissolution, the balance of a partner's capital account appear...

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  2. On dissolution partner's Loan transferred to :

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  3. Sundry creditors amounted to Rs, 8,000 These were paid at a disco...

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  4. There was an Unrecorded asset of Rs, 2,000 which was taken over ...

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  5. On Dissolution of a firm , an unrecorded furniture of the value o...

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  6. On the basis of following data final payments to a partner on fir...

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  7. On payment of expenses of dissolution , account will be debited :

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  8. An Unrecorded asset was valued at Rs, 1,00,000. On firm 's Dissolu...

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  9. On firm 's Dissolution , a Partner undertook firm 's Creditors at R...

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  10. On Dissolution , losses are first of all met :

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  11. ……………is prepared at the time of dissolution :

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  12. While transferring assets to realisation account ………………. Is omitte...

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  13. If total assets areRs, 2,00,000 total liabilities are Rs, 40,000 amo...

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  14. On dissolution of a firm , debtors were Rs. 17,000 Of these Rs, ...

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  15. In the Balance sheet Total debtors appear at Rs.50,000 and Prov...

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  16. How much amount will be paid to creditors for Rs, 25,000 if Rs, ...

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  17. P, a partner , is to bear all expenses of realisation for which he...

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  18. How much amount will be paid to A , If his opening capital is ...

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  19. Investments valued Rs, 2,00,000 were not shown in the books One o...

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  20. If creditors are Rs, 25,000 ,Capital is Rs, 1,50,000 and cash bala...

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