Naman's loan of Rs. 20,000 is settled: stock taken at agreed value Rs. 18,000 (credited to Realisation A/c) and balance Rs. 2,000 paid in cash. Entry: Naman's Loan A/c Dr 20,000 To Realisation A/c 18,000 To Cash A/c 2,000.
CUET UG 2022 — Accountancy Partnership
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:
Held on 20 Aug 2022 · Verified 13 Jul 2026.
Naman's Loan A/c Dr 20,000
To Realisation A/c 18,000
To cash A/c 2,000
Naman's Loan A/c Dr. 20,000
To Realisation A/c 15,000
To cash A/c 5,000
Naman's Loan A/c Dr. 20,000
To Realisation A/c 20,000
Naman's Loan A/c Dr. 20,000
To Realisation A/c 12,000
To cash A/c 8,000
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As per AS-26 Intangible assets like goodwill should be written off.
Match List-I with List-II | List-I | List-II | |---|---| | Revaluation of assets and reassessment of liabilities at the time of admission of a new partner | Journal Entry | | (A) For increase in the value of an asset | (I) Revaluation A/c Dr. To Asset A/c | | (B) For reduction in the amount of a liability | (II) Revaluation A/c Dr. To Liability A/c | | (C) For reduction in the value of an asset | (III) Asset A/c Dr. To Revaluation A/c | | (D) For appreciation in the amount of a liability | (IV) Liability A/c Dr. To Revaluation A/c | Choose the correct answer from the options given below:
Amount of Assets realized debited to Bank Account will be:
Match List-I with List-II If the partnership deed is silent regarding the items provided in List-I | List-I | List-II | |---|---| | (A) Interest on Capital | (I) to be shared equally | | (B) Interest on Loan | (II) not charged | | (C) Interest on Drawings | (III) not payable | | (D) Sharing of Profits | (IV) @6% p.a. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Sacrificing ratio | (I) Dissolution of Partnership | | (B) Gaining Ratio | (II) Admission of a New Partner | | (C) Executors Account | (III) Retirement of a Partner | | (D) Realisation Account | (IV) Death of a Partner | Choose the correct answer from the options given below:
Work through every CUET UG Partnership PYQ, year by year.