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Subjects
Class 12AccountancyDissolution of a Partnership FirmPartner AccountsMedium
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B takes over bills payable of ₹30000 at ₹26000. What happens in B's capital account?

Answer and explanation

Correct answer: Credit ₹26000

Taking over liability credits capital with the agreed amount ₹26000. Do not directly use book amount in exams.

Related tags

DissolutionNumericalBills Payable TakeoverPartner 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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