A. निपटान हो चुका है पर भुगतान बाकी है/Settlement is completed but payment is pending
Step 1
Concept
After final amount due is determined the unpaid part becomes a loan. Treat it as firm liability and not as partnership right.
Step 2
Why this answer is correct
The correct answer is A. निपटान हो चुका है पर भुगतान बाकी है / Settlement is completed but payment is pending. After final amount due is determined the unpaid part becomes a loan. Treat it as firm liability and not as partnership right.
Step 3
Exam Tip
अंतिम देय राशि तय होने के बाद unpaid भाग ऋण बनता है। इसे साझेदारी अधिकार नहीं बल्कि फर्म की देनदारी समझें।
A. अवकाशग्रहण साझेदार पूंजी खाता/Retiring partner capital account
Step 1
Concept
The amount due in capital account is removed and transferred to loan account. Therefore capital account is debited and loan account is credited.
Step 2
Why this answer is correct
The correct answer is A. अवकाशग्रहण साझेदार पूंजी खाता / Retiring partner capital account. The amount due in capital account is removed and transferred to loan account. Therefore capital account is debited and loan account is credited.
Step 3
Exam Tip
पूंजी खाते में देय शेष को हटाकर ऋण खाते में भेजा जाता है। इसलिए पूंजी खाता नामे और ऋण खाता जमा होता है।
Interest is an expense for the firm so interest account is debited. Loan account is credited to increase amount payable.
Step 2
Why this answer is correct
The correct answer is A. ऋण पर ब्याज खाता / Interest on loan account. Interest is an expense for the firm so interest account is debited. Loan account is credited to increase amount payable.
Step 3
Exam Tip
ब्याज फर्म का खर्च है इसलिए ब्याज खाता नामे होता है। ऋण खाता जमा होकर देय राशि बढ़ाता है।
A. ऋण देनदारी घटती है और बैंक घटता है/Loan liability decreases and bank decreases
Step 1
Concept
Payment reduces firm liability. Therefore loan account is debited and bank account is credited.
Step 2
Why this answer is correct
The correct answer is A. ऋण देनदारी घटती है और बैंक घटता है / Loan liability decreases and bank decreases. Payment reduces firm liability. Therefore loan account is debited and bank account is credited.
Step 3
Exam Tip
भुगतान फर्म की देनदारी घटाता है। इसलिए ऋण खाता नामे और बैंक खाता जमा किया जाता है।
In absence of agreement partner loan generally carries 6 percent per annum interest. Use this safe rule when rate is not given in exams.
Step 2
Why this answer is correct
The correct answer is A. 6 प्रतिशत वार्षिक / 6 percent per annum. In absence of agreement partner loan generally carries 6 percent per annum interest. Use this safe rule when rate is not given in exams.
Step 3
Exam Tip
समझौता न होने पर साझेदार ऋण पर सामान्यतः 6 प्रतिशत वार्षिक ब्याज माना जाता है। परीक्षा में दर न दी हो तो यही सुरक्षित नियम है।
A. समझौते की दर लागू होगी/Agreement rate will apply
Step 1
Concept
A clear agreement overrides the general rule. Therefore apply the given rate.
Step 2
Why this answer is correct
The correct answer is A. समझौते की दर लागू होगी / Agreement rate will apply. A clear agreement overrides the general rule. Therefore apply the given rate.
Step 3
Exam Tip
स्पष्ट समझौता सामान्य नियम पर प्रधान होता है। इसलिए दी गई दर को ही लगाएं।
A. क्योंकि यह फर्म का देय खर्च है/Because it is an expense payable by the firm
Step 1
Concept
Interest on loan is payable before profit appropriation. It is not treated like distribution of profit.
Step 2
Why this answer is correct
The correct answer is A. क्योंकि यह फर्म का देय खर्च है / Because it is an expense payable by the firm. Interest on loan is payable before profit appropriation. It is not treated like distribution of profit.
Step 3
Exam Tip
ऋण पर ब्याज लाभ होने से पहले देय खर्च है। इसे लाभ के बंटवारे की तरह नहीं मानते।
A. क्योंकि साझेदार का साझेदारी अधिकार समाप्त हो चुका होता है/Because the partner partnership right has ended
Step 1
Concept
After retirement he no longer shares profits and losses. The unpaid amount becomes a lender like liability of the firm.
Step 2
Why this answer is correct
The correct answer is A. क्योंकि साझेदार का साझेदारी अधिकार समाप्त हो चुका होता है / Because the partner partnership right has ended. After retirement he no longer shares profits and losses. The unpaid amount becomes a lender like liability of the firm.
Step 3
Exam Tip
अवकाशग्रहण के बाद वह लाभ हानि में भागीदार नहीं रहता। unpaid राशि फर्म पर ऋणदाता जैसी देनदारी बनती है।
The deceased partner amount is payable to his executor. If payment is deferred it is kept in executor loan account.
Step 2
Why this answer is correct
The correct answer is A. उत्तराधिकारी ऋण खाता / Executor loan account. The deceased partner amount is payable to his executor. If payment is deferred it is kept in executor loan account.
Step 3
Exam Tip
मृत साझेदार की राशि उसके उत्तराधिकारी को देय होती है। भुगतान स्थगित हो तो इसे उत्तराधिकारी ऋण खाते में रखते हैं।
The amount due becomes a liability of the firm to the executor. Therefore executor loan account is credited.
Step 2
Why this answer is correct
The correct answer is A. उत्तराधिकारी ऋण खाता / Executor loan account. The amount due becomes a liability of the firm to the executor. Therefore executor loan account is credited.
Step 3
Exam Tip
देय राशि उत्तराधिकारी के लिए फर्म की देनदारी बनती है। इसलिए उत्तराधिकारी ऋण खाता जमा होता है।
A. देनदारी अधिक दिखाई देगी/Liability will be overstated
Step 1
Concept
Payment should be on debit side of loan account. Recording it on credit side wrongly increases liability.
Step 2
Why this answer is correct
The correct answer is A. देनदारी अधिक दिखाई देगी / Liability will be overstated. Payment should be on debit side of loan account. Recording it on credit side wrongly increases liability.
Step 3
Exam Tip
भुगतान ऋण खाते के नामे पक्ष में होना चाहिए। जमा पक्ष में लिखने से देनदारी गलत रूप से बढ़ जाती है।
A. ऋण शेष कम दिखेगा/Loan balance will be understated
Step 1
Concept
Interest increases amount payable. Omitting it will understate the loan liability.
Step 2
Why this answer is correct
The correct answer is A. ऋण शेष कम दिखेगा / Loan balance will be understated. Interest increases amount payable. Omitting it will understate the loan liability.
Step 3
Exam Tip
ब्याज देय राशि को बढ़ाता है। इसे छोड़ने से ऋण देनदारी कम दिखाई देगी।
A. ब्याज और मूलधन घटाने वाली राशि/Interest and principal reducing amount
Step 1
Concept
The interest part of total payment does not reduce principal. Separate interest first and treat the balance as principal repayment.
Step 2
Why this answer is correct
The correct answer is A. ब्याज और मूलधन घटाने वाली राशि / Interest and principal reducing amount. The interest part of total payment does not reduce principal. Separate interest first and treat the balance as principal repayment.
Step 3
Exam Tip
कुल भुगतान का ब्याज भाग मूलधन नहीं घटाता। इसलिए पहले ब्याज अलग करके शेष को मूलधन भुगतान मानें।
Interest is ₹3000 for first 3 months then ₹4800 on ₹120000 for 6 months and ₹1600 on ₹80000 for last 3 months. Total interest is ₹9400.
Step 2
Why this answer is correct
The correct answer is A. ₹9400. Interest is ₹3000 for first 3 months then ₹4800 on ₹120000 for 6 months and ₹1600 on ₹80000 for last 3 months. Total interest is ₹9400.
Step 3
Exam Tip
पहले 3 माह ब्याज ₹3000 फिर 6 माह ₹120000 पर ₹4800 और अंतिम 3 माह ₹80000 पर ₹1600 है। कुल ब्याज ₹9400 होगा।
When the full amount is paid immediately no unpaid liability remains. Therefore loan account is not required.
Step 2
Why this answer is correct
The correct answer is A. प्रयोग नहीं होगा / It will not be used. When the full amount is paid immediately no unpaid liability remains. Therefore loan account is not required.
Step 3
Exam Tip
पूरी राशि तुरंत चुकाने पर कोई unpaid देनदारी नहीं बचती। इसलिए ऋण खाते की जरूरत नहीं होती।
Loan account normally shows credit balance. A debit balance indicates payment may exceed amount due.
Step 2
Why this answer is correct
The correct answer is A. अधिक भुगतान हुआ है / Overpayment has occurred. Loan account normally shows credit balance. A debit balance indicates payment may exceed amount due.
Step 3
Exam Tip
ऋण खाता सामान्यतः जमा शेष दिखाता है। नामे शेष बताता है कि भुगतान देय राशि से अधिक हो सकता है।
A. मूल ऋण नहीं बदलेगा/Principal loan will not change
Step 1
Concept
Crediting interest and paying it settle only the interest. There is no net effect on principal.
Step 2
Why this answer is correct
The correct answer is A. मूल ऋण नहीं बदलेगा / Principal loan will not change. Crediting interest and paying it settle only the interest. There is no net effect on principal.
Step 3
Exam Tip
ब्याज जमा और उसका भुगतान केवल ब्याज को निपटाते हैं। मूलधन पर कोई शुद्ध प्रभाव नहीं पड़ता।
A. ब्याज को जमा किया जाएगा/Interest will be credited
Step 1
Concept
Interest due is an additional liability of the firm. Therefore it is credited to loan account.
Step 2
Why this answer is correct
The correct answer is A. ब्याज को जमा किया जाएगा / Interest will be credited. Interest due is an additional liability of the firm. Therefore it is credited to loan account.
Step 3
Exam Tip
देय ब्याज फर्म की अतिरिक्त देनदारी है। इसलिए इसे ऋण खाते में जमा किया जाता है।
A. ऋण पर ब्याज खाता नामे और बैंक खाता जमा/Interest on loan account debit and bank account credit
Step 1
Concept
If paid immediately interest may be recorded directly as expense and bank payment. Separate credit to loan account is not necessary.
Step 2
Why this answer is correct
The correct answer is A. ऋण पर ब्याज खाता नामे और बैंक खाता जमा / Interest on loan account debit and bank account credit. If paid immediately interest may be recorded directly as expense and bank payment. Separate credit to loan account is not necessary.
Step 3
Exam Tip
तुरंत भुगतान होने पर ब्याज सीधे खर्च और बैंक भुगतान के रूप में दर्ज हो सकता है। ऋण खाते में अलग से जमा आवश्यक नहीं है।
A. अवकाशग्रहण साझेदार ऋण खाता नामे और बैंक खाता जमा/Retiring partner loan account debit and bank account credit
Step 1
Concept
Interest has already been added to loan account. At payment loan account is debited to reduce liability.
Step 2
Why this answer is correct
The correct answer is A. अवकाशग्रहण साझेदार ऋण खाता नामे और बैंक खाता जमा / Retiring partner loan account debit and bank account credit. Interest has already been added to loan account. At payment loan account is debited to reduce liability.
Step 3
Exam Tip
ब्याज ऋण खाते में पहले ही जोड़ दिया गया है। भुगतान करते समय ऋण खाता नामे करके देनदारी घटेगी।
A. पूंजी खाता बंद हो जाता है/Capital account is closed
Step 1
Concept
Transferring due balance to loan account clears the capital account balance. Therefore capital account is closed.
Step 2
Why this answer is correct
The correct answer is A. पूंजी खाता बंद हो जाता है / Capital account is closed. Transferring due balance to loan account clears the capital account balance. Therefore capital account is closed.
Step 3
Exam Tip
देय शेष ऋण खाते में भेजने से पूंजी खाते का शेष समाप्त हो जाता है। इसलिए पूंजी खाता बंद हो जाता है।
A. क्योंकि अवकाशग्रहण के बाद वह ऋणदाता जैसा है/Because after retirement he is like a lender
Step 1
Concept
After retirement the partner unpaid claim is like a loan claim against the firm. Therefore it is shown in liabilities.
Step 2
Why this answer is correct
The correct answer is A. क्योंकि अवकाशग्रहण के बाद वह ऋणदाता जैसा है / Because after retirement he is like a lender. After retirement the partner unpaid claim is like a loan claim against the firm. Therefore it is shown in liabilities.
Step 3
Exam Tip
अवकाशग्रहण के बाद साझेदार का unpaid दावा फर्म पर ऋण जैसा दावा होता है। इसलिए इसे देनदारियों में दिखाते हैं।
A. ब्याज फिर भी देय खर्च रहेगा/Interest will still remain payable expense
Step 1
Concept
Interest on loan is an expense separate from profit appropriation. It is recorded even if there is a loss.
Step 2
Why this answer is correct
The correct answer is A. ब्याज फिर भी देय खर्च रहेगा / Interest will still remain payable expense. Interest on loan is an expense separate from profit appropriation. It is recorded even if there is a loss.
Step 3
Exam Tip
ऋण पर ब्याज लाभ के विनियोजन से अलग खर्च है। हानि होने पर भी देय ब्याज दर्ज किया जाता है।
A. नहीं यदि ब्याज देय है तो दर्ज होगा/No if interest is due it will be recorded
Step 1
Concept
Interest on loan is a charge against profit. Low profit does not cancel interest due.
Step 2
Why this answer is correct
The correct answer is A. नहीं यदि ब्याज देय है तो दर्ज होगा / No if interest is due it will be recorded. Interest on loan is a charge against profit. Low profit does not cancel interest due.
Step 3
Exam Tip
ऋण पर ब्याज charge against profit है। लाभ कम होने से देय ब्याज समाप्त नहीं होता।
A. हर अवधि का बकाया ऋण/Outstanding loan for each period
Step 1
Concept
Outstanding loan changes after every installment. Therefore calculate interest on separate outstanding balance for each period.
Step 2
Why this answer is correct
The correct answer is A. हर अवधि का बकाया ऋण / Outstanding loan for each period. Outstanding loan changes after every installment. Therefore calculate interest on separate outstanding balance for each period.
Step 3
Exam Tip
हर किस्त के बाद बकाया ऋण बदलता है। इसलिए ब्याज हर अवधि के अलग बकाया पर निकालें।
A. दोनों unpaid देय राशि की देनदारी दिखाते हैं/Both show liability for unpaid amount due
Step 1
Concept
In both accounts the firm has to pay an amount to a person or executor. Therefore both are liability accounts.
Step 2
Why this answer is correct
The correct answer is A. दोनों unpaid देय राशि की देनदारी दिखाते हैं / Both show liability for unpaid amount due. In both accounts the firm has to pay an amount to a person or executor. Therefore both are liability accounts.
Step 3
Exam Tip
दोनों खातों में फर्म को किसी व्यक्ति या उत्तराधिकारी को राशि चुकानी होती है। इसलिए दोनों देनदारी खाते हैं।
A. उत्तराधिकारी ऋण खाता नामे और बैंक खाता जमा/Executor loan account debit and bank account credit
Step 1
Concept
Payment reduces liability to executor and also reduces bank. Therefore executor loan is debited and bank is credited.
Step 2
Why this answer is correct
The correct answer is A. उत्तराधिकारी ऋण खाता नामे और बैंक खाता जमा / Executor loan account debit and bank account credit. Payment reduces liability to executor and also reduces bank. Therefore executor loan is debited and bank is credited.
Step 3
Exam Tip
भुगतान से उत्तराधिकारी के प्रति देनदारी घटती है और बैंक भी घटता है। इसलिए उत्तराधिकारी ऋण खाता नामे और बैंक जमा होगा।
A. क्योंकि वह अब साझेदार नहीं बल्कि ऋणदाता जैसा है/Because he is now like a lender and not a partner
Step 1
Concept
After retirement his share in profit and loss ends. Only interest rule may apply on loan balance.
Step 2
Why this answer is correct
The correct answer is A. क्योंकि वह अब साझेदार नहीं बल्कि ऋणदाता जैसा है / Because he is now like a lender and not a partner. After retirement his share in profit and loss ends. Only interest rule may apply on loan balance.
Step 3
Exam Tip
अवकाशग्रहण के बाद उसका लाभ हानि में हिस्सा समाप्त हो जाता है। ऋण राशि पर केवल ब्याज नियम लागू हो सकता है।
Both loan balance and unpaid interest have to be paid by the firm. Therefore both are liabilities in nature.
Step 2
Why this answer is correct
The correct answer is A. देनदारी / Liability. Both loan balance and unpaid interest have to be paid by the firm. Therefore both are liabilities in nature.
Step 3
Exam Tip
ऋण शेष और unpaid ब्याज दोनों फर्म को चुकाने हैं। इसलिए दोनों देनदारी प्रकृति के हैं।
A. ऋण शेष अधिक दिखेगा/Loan balance will be overstated
Step 1
Concept
Payment reduces liability. If payment is not recorded the loan account will show a higher balance.
Step 2
Why this answer is correct
The correct answer is A. ऋण शेष अधिक दिखेगा / Loan balance will be overstated. Payment reduces liability. If payment is not recorded the loan account will show a higher balance.
Step 3
Exam Tip
भुगतान देनदारी घटाता है। भुगतान दर्ज न करने से ऋण खाते में अधिक शेष दिखाई देगा।
A. ऋण शेष अधिक दिखेगा/Loan balance will be overstated
Step 1
Concept
After transfer the payment should be debited to loan account. If debited to capital account the loan will not reduce and will be overstated.
Step 2
Why this answer is correct
The correct answer is A. ऋण शेष अधिक दिखेगा / Loan balance will be overstated. After transfer the payment should be debited to loan account. If debited to capital account the loan will not reduce and will be overstated.
Step 3
Exam Tip
स्थानांतरण के बाद भुगतान ऋण खाते में नामे होना चाहिए। पूंजी खाते में नामे करने से ऋण घटेगा नहीं और अधिक दिखेगा।
A. पहले अंतिम पूंजी देय राशि निकालें फिर ऋण में स्थानांतरण करें फिर ब्याज और भुगतान दर्ज करें/First find final capital amount due then transfer to loan then record interest and payments
Step 1
Concept
Loan account is based on final amount due. Therefore record interest and payments only after capital settlement.
Step 2
Why this answer is correct
The correct answer is A. पहले अंतिम पूंजी देय राशि निकालें फिर ऋण में स्थानांतरण करें फिर ब्याज और भुगतान दर्ज करें / First find final capital amount due then transfer to loan then record interest and payments. Loan account is based on final amount due. Therefore record interest and payments only after capital settlement.
Step 3
Exam Tip
ऋण खाता अंतिम देय राशि पर आधारित होता है। इसलिए पूंजी निपटान के बाद ही ब्याज और भुगतान का लेखा करें।
A. ब्याज को मूलधन भुगतान समझ लेना/Treating interest as principal repayment
Step 1
Concept
Interest and principal are separate items. Interest is expense and principal payment reduces loan liability.
Step 2
Why this answer is correct
The correct answer is A. ब्याज को मूलधन भुगतान समझ लेना / Treating interest as principal repayment. Interest and principal are separate items. Interest is expense and principal payment reduces loan liability.
Step 3
Exam Tip
ब्याज और मूलधन अलग मदें हैं। ब्याज खर्च है और मूलधन भुगतान ऋण देनदारी घटाता है।
