Home › CBSE Class 12 (Commerce) › Accountancy › Accounting for Partnership Firms: Dissolution of a Partnership Firm › A partner agreed to bear expenses but the firm p…
A partner agreed to bear expenses but the firm paid them. Debit:
ARealisation Account
BPartner's Capital Account
CProfit and Loss Account
DThe firm's Bank Account
Answer & Solution
Correct answer: B. Partner's Capital Account
The firm paid what the partner had agreed to bear, so he is debited and bank credited.
Related questions
Creditors of Rs.20,000 are paid 2% less. How much is paid to them?Sita, Rita and Meeta share 2:2:1. A realisation profit of Rs.5,000 gives Meeta:Monika (capital Rs.11,500, ratio 3:2) gets 2/5 of Rs.2,925 profit and of Rs.13,500 reserveSupriya and Monika share 3:2. A reserve of Rs.13,500 is distributed. Monika gets:Supriya and Monika share profit 3:2. Realisation profit is Rs.2,925. Supriya gets:Debtors of Rs.21,500 are realised at a 5% discount. How much is received?A loan given by the firm to a partner is repaid. The entry is:A loss on realisation is recorded by: