Class XII

Value of a Computer given in the balance sheet Rs.6,000. Market value of that computer is Rs.4,000. But nothing is mentioned in the question about the realized value of computer. How much realized value should be recorded?
  1. 2,000
  2. 4,000
  3. Nil
  4. 6,000
Following accounts will be shown on debit side of Realisation Account except
  1. Cash Payments of Liabilities
  2. Cash Received from Sale of Assets
  3. Realisation Expenses
  4. If any partner has taken over any liability,
Manik and Naman share the profits equally. They decided to dissolve their firm. Their liabilities were: Manik’s Capital ₹25,000; Naman’s Capital ₹30,000; Creditors ₹12,500; Bills payable ₹7,500; Assets of the firm realized ₹1, 00,000. Balance of cash/bank was nil in balance sheet. Find out profit on realisation.
  1. ₹7500
  2. ₹25000
  3. ₹30000
  4. ₹30000
Deferred Revenue expenditure given in B/S will be:
  1. Debit to Realisation A/c
  2. Credit to Realisation A/c
  3. Debit to Partners’ capital/current A/c
  4. Credit to partners’ capital A/c
What journal entry you will record to close the partners’ capital accounts showing positive balance at the time of dissolution?
  1. Cash/Bank A/c Dr. To Partner’s Capital A/c
  2. Partner’s Capital A/c Dr. To Realisation A/c
  3. Cash/Bank A/c Dr. To Realisation A/c
  4. Partner’s Capital A/c Dr. To Cash/Bank A/c
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