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Subjects
Class 12AccountancyDissolution of a Partnership FirmPartner AccountsMedium
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A takes stock of ₹14500 and pays expenses of ₹3500 on behalf of the firm. What is the net effect on A's capital account?

Answer and explanation

Correct answer: Debit ₹11000

Taking stock gives debit and paying firm expenses gives credit. Net effect is ₹14500 minus ₹3500 which is debit ₹11000.

Related tags

DissolutionNumericalNet EffectPartner 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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