Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000 . Their assets apart from cash included Stock Rs.10,000; Debtors Rs.40,000;
Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs. 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.
Question:
After all adjustment the balance of their capitals are

Option 1: Murari 1,78,50,0 Vohra 2,18,500, and Robin Rs 2,00,000

Option 2: Murari Rs 166,000, Vohra 1,88,500 and Robin Rs 2,00,000

Option 3: Murari Rs 1,55,000, Vohra 175,000 and Robin Rs 2,00,000

Option 4: None of the above

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000 . Their assets apart from cash included Stock Rs.10,000; Debtors Rs.40,000;

Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs.5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.

Question:
Revaluation account will be

Option 1: Debited by Rs 27,000

Option 2: Crediting with Rs 27,000

Option 3: No profit and no loss

Option 4: None of the above

Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4.2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs.2,00,000 as his capital and Rs. 90,000 for his one-fourth share of goodwill.

On that date, the creditors of Murari and Vohra were Rs. 60,000 and Bank overdraft was Rs. 15,000. Their assets apart from cash included Stock Rs. 10,000 ; Debtors Rs.40,000; Plant and Machinery Rs.80,000; Land and Building Rs.2,00,000. It was agreed that stock should be depreciated by Rs.2,000; Plant and Machinery by 20%, Rs. 5,000 should be written off as bad debts and Land and Building should be appreciated by 25%.

Question:
Total assets side of new firm balance sheet is

Option 1: Rs 6,55,000

Option 2: Rs 6,57,000

Option 3: Rs 6,60,000

Option 4: Rs 6,00,000

Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:

Option 1: A will be credited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 2: A will be debited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 3: A will be credited By Rs. 4,000 and
T will be debited by Rs. 4,000

Option 4: A will be debited by Rs. 4,000 and
T will Be credited by Rs. 4,000.

Question : A and T are equal partners with fixed Capitals of Rs. 2,00,000 and Rs. 1,00,000, respectively. After closing the accounts for the year ending 31st March 2019. It was discovered that interest on capital 8% p.a. was omitted to Be provided. In the adjustment Entry:

Option 1: A will be credited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 2: A will be debited By Rs. 16,000 and
T will be debited by Rs. 8,000

Option 3: A will be credited By Rs. 4,000 and
T will be debited by Rs. 4,000

Option 4: A will be debited by Rs. 4,000 and
T will Be credited by Rs. 4,000.