Raman and Naman were in partnership sharing profit and losses as 3 : 2. Their partnership firm was dissolved on 31 March 2022. On the date of dissolution, Naman's loan was Rs. 20,000. Naman agreed to take stock (already transferred to Realisation A/c) of Rs. 15,000 at Rs. 18,000 and balance in cash for the settlement of loan. Journal Entry for above transaction is:

Question

Option 1: Naman's Loan A/c Dr 20,000 To Realisation A/c 18,000 To cash A/c 2,000

Option 2: Naman's Loan A/c Dr. 20,000 To Realisation A/c 15,000 To cash A/c 5,000

Option 3: Naman's Loan A/c Dr. 20,000 To Realisation A/c 20,000

Option 4: Naman's Loan A/c Dr. 20,000 To Realisation A/c 12,000 To cash A/c 8,000

AfterBoards · Accepted Answer

The answer is 'Naman's Loan A/c Dr 20,000 To Realisation A/c 18,000 To cash A/c 2,000'. View full solution:

CUET Accountancy 2022 20 Aug Shift 2 PYQs

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