CUET Accountancy - Mukund's Loan of Rs. 50,000 to the firm, was settled at Rs. 55,000 at the time of firm's dissolution, where Mukund was one of the partner. What entry will be passed ? | PYQs + Solutions

CUET Accountancy 2023 11 June Shift 3

Partnership

Medium

Mukund Loan A/c Dr 50,000

Mukund Capital A/c Dr 5,000

To Cash A/c 55,000

Mukund Loan A/c Dr 50,000

Realisation A/c Dr 5,000

To Cash A/c 55,000

Mukund Loan A/c Dr 55,000

To Cash A/c 55,000

Cash A/c Dr 55,000

To Mukund Loan A/c 50,000

To Realisation A/c 5,000

✅ Correct Option: 2

Related questions:

16 May Shift 1

Realization profit of 55,980 to be distributed amongst partners is:

30 Aug Shift 2

The treatment of Goodwill appearing in the balance sheet will be:

30 May Shift 1

In case of the dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. Arrange the following in the correct sequence :

(A) In paying to each partner proportionately what is due to him on account of capital

(B) In paying the debts of the firm to the third parties

(C) In paying each partner proportionately what is due to him/her from the firm for advances as distinguished from capital (i.e. partner's loan)

(D) The residue, if any, shall be divided among the partners in their profit sharing ratio

Choose the correct answer from the options given below:

CUET Accountancy 2023 11 June Shift 3 PYQs

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