MyQuestionIcon

4

You visited us 4 times! Enjoying our articles? Unlock Full Access!

Realisation of Assets and Liabilities - Comprehensive

When a partne...

Question

When a partner discharges the liability of the firm, which account is credited?

A

None of these

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Partner`s capital account

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Bank account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Realisation account

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B
Partner`s capital account

When a partner discharges the liability of the firm, Partner`s capital account is credited.

Suggest Corrections

thumbs-up

0

Similar questions

Q. When a partner discharges the liability of the firm, account is credited.

Q. When all the partners are insolvent, the loss shown by Realisation Account is debited to capital accounts of partners in the ________________.

While adjusting for goodwill, ___________ partners' capital account is debited and ___________ partners' capital account is credited.

Q. When required amount for premium for goodwill is not brought in by new partner, goodwill account is raised in the books of the firm by debiting goodwill account and crediting partners capital account in old profit sharing ratio and written off in ______ if it agreed not show goodwill in the books of the firm OR ALTERNATIVELY premium for goodwill should be adjusted through partners capital account by debiting new partners share of goodwill to his account and crediting old partners capital accounts in _________.

Q. A, B and C were partners sharing profits in the ratio of 5 : 3 : 2. On 31st March, 2019, A's Capital and B's Capital were ₹ 30,000 and ₹ 20,000 respectively but C owed ₹ 5,000 to the firm. The liabilities were ₹ 20,000. The assets of the firm realised ₹ 50,000.
Prepare Realisation Account, Partner's Capital Accounts and Bank Account.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Other Aspects of Realisation

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Realisation of Assets and Liabilities - Comprehensive

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon