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:
The assets of the firm is____________.
Option 1: Rs 70,000
Option 2: Rs 75,000
Option 3: Rs 65,000
Option 4: None of the above
Answer (1)
16th Jan, 2024
Correct Answer: Rs 65,000
Solution : Answer = Rs 65,000
| Memorandum Balance Sheet as at March 31, 2020 | |||
| Liabilities | Amount | Assets | Amount |
| Capitals | C's Capital | 5,000 | |
| A | 30,000 | S. Assets (b/f) | 65,000 |
| B | 20,000 | ||
| Creditors | 20,000 | ||
| 70,000 | 70,000 | ||
Hence, the correct option is 3.
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