Question : Choose the correct journal entry If the due amount is paid to the retiring partner in lump sum on the date of retirement
Option 1: Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/BankA/c
Option 2: Cash/BankA/c ...Dr.
To Retiring Partner's Capital A/c
Option 3: Interest A/C........Dr
To Retiring Partner's Loan A/c
Option 4: None of the above
Answer (1)
22nd Jan, 2024
Correct Answer:
Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/BankA/c
Solution :
Answer (1)
Retiring Partner's Capital A/c ...Dr. [Due Amount]
To Cash/BankA/c
Hence, the correct option is 1.
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