Question

024. Ranu Manu and Tanu are partners in a flrm. On 1st April 2019, the balance in their capital acce
stood at 8,00,000, 6,00,000 and 4,00,000, respectively, they share profits in the ratio of 5 3 2. parti
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are entitled to interest on capital at the rate of 5% per annum and salary to Manu at 3000 per me
pay commission of 12,000 to Tanu as per tho provision of partnership deed. Ranu's share of
uxcluding Interest on capital, is guaranteed at not less than 25,000. Manu's share of profit, incul
Interest on capital but excluding salary is guaranteed at not less than 55,000. any deficiency arising
that account will be met by Tanu. tho profit for the year ended 31st March 2020 amounted to 2,16,000.
share Profit and Loss appropriation account for the year ended 31st March 2020. (4)​

Answer 1

Rohan, Mohan and Sohan were partners sharing profits equally. At the time of dissolution of the partnership firm, Rohan’s loan to the firm will be :

(A) Credited to Rohan’s Capital Account.

(B) Debited to Realisation Account.

(C) Credited to Realisation Account.

(D) Credited to Bank Account.

Answer :

(D) / Credited to Bank Account