Question : If opening capitals of partner are A Rs.3,00,000, B Rs.2,00,000 & C Rs.1,00,000 and their drawing during the year is Rs. 50,000, Rs.40,000 and Rs.30,000 respectively and debtors are Rs.60,000. What will be the amount of assets of the firm?
Option 1: Rs.4,20,000
Option 2: Rs.4,80,000
Option 3: Rs.5,40,000
Option 4: Rs.6,60,000
Correct Answer: Rs.5,40,000
Solution : Total Balance of Liability Side of the Balance sheet is -
Partners Capital A Rs.300000 - Drawing 50000 = 250000
B Rs.200000 - Drawing 40000 = 160000
C Rs.100000 - Drawing 30000 = 70000
debtors 60000 Total Rs. 540000
So the total assets of the firm will be Rs.540000
Hence the Correct answer is option 3.
Question : There are two partners A and B in a firm and their capitals are Rs. 50,000 and Rs. 40,000. The creditors are Rs. 30,000. The assets of the firm realise Rs. 1,00,000. How much will A and B receive or be paid?
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8% Preference Share Capital Rs.40,000
Reserves and Surplus Rs.60,000
Investments Rs.30,000
Current Assets Rs.70,000
Proprietary Ratio is 0.8: 1
Calculate the value of the fixed assets of the
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