Q23. Record journal entry for the following on dissolution of a firm:
Firm has a stock of 2,40,000.

Q: What is the correct answer for CUET UG Accountancy Q23?

The correct answer is C. Total Stock = 2,40,000Stock taken over by Arun = 50% of 2,40,000 = 1,20,000Discount = 15% of 1,20,000 = 18,000Value at which stock is taken over by Arun = 1,20,000 - 18,000 = 1,02,000When an asset is taken over by a partner during dissolution, the partner's Capital Account is debited, and the Realisation Account is credited.Journal Entry: Arun's Capital A/c Dr 1,02,000To Realisation A/c 1,02,000

Q: Q23. Record journal entry for the following on dissolution of a firm: Firm has a stock of 2,40,000. Arun, a partner took over 50% of the stock at a discount of 15%- (a) Bank A/c Dr 1,02,000 To…

The correct answer is C. Total Stock = 2,40,000Stock taken over by Arun = 50% of 2,40,000 = 1,20,000Discount = 15% of 1,20,000 = 18,000Value at which stock is taken over by Arun = 1,20,000 - 18,000 = 1,02,000When an asset is taken over by a partner during dissolution, the partner's Capital Account is debited, and the Realisation Account is credited.Journal Entry: Arun's Capital A/c Dr 1,02,000To Realisation A/c 1,02,000

Q: What are the options for this CUET UG Accountancy question?

A. Bank A/c Dr 1,02,000To Realisation A/c 1,02,000 · B. Realisation A/c Dr. 1,02,000To Arun's Capital A/C ₹1,02,000 · C. Arun's Capital A/c Dr 1,02,000To Realisation A/c ₹1,02,000 · D. Stock A/c Dr 1,02,000To Realisation A/c 1,02,000

Question

Q23. Record journal entry for the following on dissolution of a firm:
Firm has a stock of 2,40,000. Arun, a partner took over 50% of the stock at a discount of 15%-
(a) Bank A/c Dr 1,02,000
To Realisation A/c 1,02,000
(b) Realisation A/c Dr. 1,02,000
To Arun's Capital A/C ₹1,02,000
(c) Arun's Capital A/c Dr 1,02,000
To Realisation A/c ₹1,02,000
(d) Stock A/c Dr 1,02,000
To Realisation A/c 1,02,000

FirstInTest · Accepted Answer

Total Stock = 2,40,000Stock taken over by Arun = 50% of 2,40,000 = 1,20,000Discount = 15% of 1,20,000 = 18,000Value at which stock is taken over by Arun = 1,20,000 - 18,000 = 1,02,000When an asset is taken over by a partner during dissolution, the partner's Capital Account is debited, and the Realisation Account is credited.Journal Entry: Arun's Capital A/c Dr 1,02,000To Realisation A/c 1,02,000

Answer

Bank A/c Dr 1,02,000To Realisation A/c 1,02,000

Answer

Realisation A/c Dr. 1,02,000To Arun's Capital A/C ₹1,02,000

Answer

Arun's Capital A/c Dr 1,02,000To Realisation A/c ₹1,02,000

Answer

Stock A/c Dr 1,02,000To Realisation A/c 1,02,000

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