Maharashtra State BoardHSC Commerce 12th Board Exam
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Which account is debited on repayment of Partner’s Loan? - Book Keeping and Accountancy

One Line Answer

Which account is debited on repayment of Partner’s Loan?

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Solution 1

Partner’s loan appearing in the Balance Sheet is not transferred to Realisation Account. In fact, a separate account named as Partner’s Loan Account is maintained. At the time of repayment of partner’s loan, Partner’s Loan A/c is debited and Cash A/c is credited.

Solution 2

Partner’s Loan Account is debited on repayment of partner’s loan.

Concept: Dissolution of Partnership Firm
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 6 Dissolution of Partnership Firm
Exercise | Q 8 | Page 181
Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 6 Dissolution of Partnership Firm
Exercise 6 | Q 1. E) 8. | Page 243
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