Question:
Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of ₹ 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of ₹ 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan’s loan Bank Account will be credited with:
Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of ₹ 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of ₹ 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan’s loan Bank Account will be credited with:
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When a partner’s loan is settled partly by assets taken over, the remaining balance is paid in cash and credited to Bank A/c.
Updated On: Feb 9, 2026
- ₹ 1,00,000
- ₹ 90,000
- ₹ 10,000
- ₹ 1,90,000
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The Correct Option is C
Solution and Explanation
Shaan’s total loan = ₹ 1,00,000
He took furniture worth ₹ 90,000 in part settlement.
Remaining loan payable in cash = ₹ 1,00,000 – ₹ 90,000 = ₹ 10,000
Thus, Bank Account will be credited with ₹ 10,000 to pay remaining balance.
Final Answer: ₹ 10,000
He took furniture worth ₹ 90,000 in part settlement.
Remaining loan payable in cash = ₹ 1,00,000 – ₹ 90,000 = ₹ 10,000
Thus, Bank Account will be credited with ₹ 10,000 to pay remaining balance.
Final Answer: ₹ 10,000
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