Muft Shiksha
Update

Muft Shiksha™ एक 100% Free Education Portal है 🇮🇳, जिसका उद्देश्य Class 9–12 के हर विद्यार्थी तक High-Quality Education को पूरी तरह मुफ्त पहुँचाना है। 🇮🇳 हम मानते हैं कि अच्छी शिक्षा किसी student की आर्थिक स्थिति पर निर्भर नहीं होनी चाहिए। 🇮🇳 हर विद्यार्थी को वही Quality Study Material, MCQs, Quizzes, Exam Preparation, Concept-Based Learning और Bilingual Support मिलना चाहिए, जो आमतौर पर महंगी Coaching या Premium Platforms में मिलता है। Muft Shiksha™ 🇮🇳 इसी सोच के साथ बनाया गया है

Subjects
Class 12AccountancyReconstitution - Retirement or Death of a PartnerPartner's Loan AccountHard
0 reads0 ratings0 helpful

A firm wrongly credited ₹50000 payment in the retiring partner's loan account. What type of rectification entry is needed?

Answer and explanation

Correct answer: Debit loan account by ₹100000

To cancel wrong credit and create correct debit, double effect is needed. Exam tip: while correcting reversed entries, consider double impact.

Related tags

RectificationPaymentErrorPartner's Loan AccountPartner S Loan AccountReconstitution Retirement Or Death Of A PartnerAccountancyClass 12 Mcq
सुधार सुझाएँ / Earn

Was this question useful?

No ratings yetWrite a review / Rate this question

Student Reviews

No published reviews yet.

KEEP PRACTISING

10 more MCQs
  1. 1When the full amount due to a retiring partner is not paid immediately, the unpaid balance is transferred to which account?
  2. 2What is the normal nature of a retiring partner's loan account?
  3. 3Interest on the retiring partner's loan account is given to whom?
  4. 4If the agreement does not mention an interest rate, what rate is generally applied on the retiring partner's loan?
  5. 5Interest on a retiring partner's loan account is debited to which account?
  6. 6In the journal entry for interest on a retiring partner's loan account, which account is credited?
  7. 7When the loan amount is paid to the retiring partner, which account is debited?
  8. 8When the loan is paid to the retiring partner, which account is credited?
  9. 9On which side does the opening balance of a retiring partner's loan account appear?
  10. 10If the amount due to the retiring partner is fully paid in cash, will a loan account be opened?
Found an issue? Help improve this questionMy reports and replies

Add Muft Shiksha to your Home Screen

In Safari, tap Share, then Add to Home Screen.