MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Goodwill

Objective typ...

Question

Objective type Questions.
Answer in one Sentence only.

Which account is debited on repayment of Partner’s Loan?

Open in App

Solution

Partner’s loan appearing in the Balance Sheet is not transferred to Realisation Account. In fact, a separate account named as Partner’s Loan Account is maintained. At the time of repayment of partner’s loan, Partner’s Loan A/c is debited and Cash A/c is credited.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Objective type questions :-
Answer in one sentence only.

State the meaning of debit balance of Trading Account.

Q. Objective Questions :
Answer in one Sentence :

How is a debit balance of profit and loss account dealt with on death of a partner?

Q. Objective type questions :-
Answer in one sentence only.

What are the methods of maintaining partners’ capital accounts?

Q. Objective type Questions.
Answer in one Sentence only.

Which account is debited on payment of dissolution expenses?

Q. Answer in only one sentence :

Which types of the accounts always have debit balance?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Goodwill

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon