Amit and Jay are the partners in a firm,which has 30,000 Loan from Bank and 10,000 Amit's brother Loan at the time of Dissolution. Amit took over his brother's loan. Journal Entry will be:
Answer & explanation
Correct answer: option 2
Realisation A/C Dr- 10,000
To Amit's Capital A/c - 10,000
(Takeover of loan)