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Home Questions KBZ2VUCX6Z
Target Exam

CUET

Subject

Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

Vansh, Ansh and Saransh are partners and on 31st March 2025, they decided to dissolve the firm and Vansh was appointed to look after the dissolution work for which he was allowed a remuneration of Rs. 14,000. He agreed to take over investment of the book value of Rs. 13,000 towards payment of his remuneration. Investments have already been transferred to a realisation account. Choose the correct journal entry.

Options:
Particular’sDr AmountCr Amount
Realisation A/c    Dr14,000
    To Bank A/c14,000
Particular’sDr AmountCr Amount
Realisation A/c    Dr14,000
    To Vansh’s Capital A/c14,000
Particular’sDr AmountCr Amount
Realisation A/c    Dr13,000
    To Vansh’s Capital A/c13,000

No journal entry to be passed

Correct Answer:

No journal entry to be passed

Explanation:

The correct answer is Option (4) → 

No journal entry to be passed

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