Question : A and B were partners from 1st April 2018 with capitals of Rs. 60,000 and Rs. 40,000 respectively. They shared profits in the ratio of 3: 2. They carried on business for two years.
In the first year ended 31st March 2019, they earned a profit of Rs. 50,000 but in the second year ended 31st March 2020, a loss of Rs. 20,000 was incurred. As the business was no longer profitable, they dissolved the firm on 31st March 2020. Creditors on that date were Rs 20,000. The partners withdrew for personal use of Rs. 8,000 per partner per year. The assets realised Rs. 1,00,000. The expenses of realisation were Rs. 3,000.
Question:
The value of sundry assets are
Option 1: 1,28,000
Option 2: 11,800
Option 3: 1,18,000
Option 4: None of the above
Correct Answer: 1,18,000
Solution : Answer = 1,18,000
| Memorandum Balance Sheet | |||
| Liabilities | Amount | Assets | Amount |
| Capitals | S.Assets (b/f) | 1,18,000 | |
| A | 62,000 | ||
| B | 36,000 | ||
| Creditor | 20,000 | ||
| 1,18,000 | 1,18,000 | ||
| Partner's Capital A/c | |||||
| A | B | A | B | ||
| To Drawings | 8,000 | 8,000 | By Bal b/d | 60,000 | 40,000 |
| To Bal c/d | 72,000 | 52,000 | By Profit & loss A/c (Profit) | 30,000 | 20,000 |
| 90,000 | 60,000 | 90,000 | 60,000 | ||
| To Drawings | 8,000 | 8,000 | By Bal b/d | 72,000 | 52,000 |
| To Profit & loss (loss) | 12,000 | 8,000 | |||
| 82,000 | 52,000 | 82,000 | 52,000 | ||
Hence, the correct option is 3.
