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

Question

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

Team Careers360 · Accepted Answer

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.

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