Question : At the time of the dissolution of the firm, the firm's total assets were Rs 10,00,000. Creditors were Rs 2,00,000. Realization Expenses amounted to rs 20,000. Assets realized 20% more than the book value and creditors were paid 5% less. Gain/loss on realization will be.
Option 1: Gain Rs 1,90,000
Option 2: Loss Rs 1,80,000
Option 3: Gain Rs 9,60,000
Option 4: Loss Rs 2,00,000
Correct Answer: Gain Rs 1,90,000
Solution : Answer = Gain =190,000
Hence, the correct option is 1.
Question : At the time of dissolution of a firm, Creditors are Rs.40,000, Partners' capital is Rs.2,00,000; Cash Balance is Rs.20,000, and other assets are realized Rs.2,00,000. Profit/Loss in the realization account will be
Question : At the time of dissolution of the firm, outsiders liabilities are Rs 3,50,000. Firm's capital is Rs 6,00,000. Cash balance is rs 50,000. Other assets realized Rs 7,50,000. Profit / loss in the realization account will be .
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