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Subjects
Class 12AccountancyDissolution of a Partnership FirmPartner AccountsMedium
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If A's capital is credit ₹45000 and interest on drawings is ₹2500 then how much will A receive after adjustment?

Answer and explanation

Correct answer: ₹42500

Interest on drawings is debited to capital. ₹2500 is deducted from ₹45000 so A will receive ₹42500.

Related tags

DissolutionNumericalInterest On DrawingsPartner AccountsDissolution Of A Partnership FirmAccountancyClass 12 Mcq
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10 more MCQs
  1. 1Which main account is prepared before closing partners' capital accounts on dissolution?
  2. 2If capital accounts are maintained under fixed capital method, where is the current account balance transferred on dissolution?
  3. 3On dissolution, when is a partner's loan account kept separate from his capital account?
  4. 4If there is profit in realisation account, what entry is made in partners' capital accounts?
  5. 5If there is loss in realisation account, what entry is made in partners' capital accounts?
  6. 6On dissolution, the balance of general reserve is recorded on which side of partners' capital accounts?
  7. 7On dissolution, how is the credit balance of the Profit and Loss Account distributed among partners’ capital accounts?
  8. 8On dissolution, how is the debit balance of profit and loss account recorded in partners' capital accounts?
  9. 9On dissolution, how is the surplus amount of workmen compensation reserve distributed among partners?
  10. 10If a partner takes over furniture, on which side will it be recorded in his capital account?
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