Question : A, B and C were partners sharing profits in the ratio of 5: 3: 2. On 31st March, 2020, A's Capital and B's Capital were Rs. 30,000 and Rs. 20,000 respectively but C owed Rs. 5,000 to the firm. The liabilities were Rs. 20,000.
Question:
If the loss on realization is Rs. 15,000 The value of sundry assets are realized will be ---
Option 1: Rs 65,000
Option 2: Rs 70,000
Option 3: Rs 50,000
Option 4: Rs 15,000
Answer (1)
22nd Jan, 2024
Correct Answer: Rs 50,000
Solution : Answer (C)
| Realisation A/c | |||
| To Sundry assets | 65,000 | S.Liabilities | |
| To Cash (creditor) | 20,000 | By Creditors | 20,000 |
| By Cash (assets realised) (b/f) | 50,000 | ||
| By Loss | 15,000 | ||
| 85,000 | 85,000 | ||
Hence, the correct option is 3.
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