Question

At the time of dissolution of partnership firm, journal entry for the settlement of
loan advanced by the firm to a partner would be:
(a)Bank A/c Dr. To Loan to Partner A/c
(b) Loan to partner A/c Dr.To bank a/c
(c) Realization A/c Dr. to Loan to Partner A/c
(d) None of these​

Answer 1

Answer:

(a) Partner's Loan A/c Dr. 10000

To Bank A/c 10000

(Being payment of partner's loan)

(b) X's Capital A/c Dr. 300

To Realisation A/c 300

(Being unrecorded asset taken over by partner)

(c) X's Capital A/c Dr. 10000

Y's Capital A/c Dr. 10000

Z's Capital A/c Dr. 10000

To Profit and Loss A/c 30000

(Being debit balance of profit and loss distributed among partners)

(d) Bank A/C..... Dr. 125000

To Realisation A/c 125000

(Being realisation of assets)

(e) Realisation A/c Dr. 2000

To Y's Capital A/c 2000

(Being remuneration given to Y to carry out dissolution)

(f) No entry is passed since creditors are paid in full settlement of their account.

Answer 2

Answer:

sorry ....

I don't no ...