Question : A, B and C are partners in a firm. B retires and his claim including his capital and his share of goodwill is Rs. 6,00,000. There was unrecorded furniture valued at Rs. 30,000, half of which was given to an unrecorded creditor of Rs. 60,000 in settlement of his claim of Rs. 30,000 and the remaining half was given to B at a discount of 10% in part satisfaction of his claim. The balance of B's claim was discharged by the current date cheque. Bank account will be
Option 1: Debited by Rs 5,81,000
Option 2: Credited by Rs 5,81,000
Option 3: Credited by Rs5,73,250
Option 4: None of the above
Correct Answer: Credited by Rs 5,81,000
Solution : Answer = Credited by Rs 5,81,000
B's share including capital and goodwill | 6,00,000 |
(-) Revaluation(loss) | (5,500) |
5,94,500 |
Revaluation A/c | |||
To Unrecorded creditor | 30,000 | By Unrecorded furniture | 13,500 |
By Loss | 16,500 | ||
A= 5,500 | |||
B= 5,500 | |||
C= 5,500 | |||
30,000 | 30,000 |
B's Capital A/c..........Dr 5,94,500
To Furniture 13,500
To Bank 5,81,000
Hence, the correct option is 2.