Question : If the opening capitals of partners are A 8,60,000, B 4,00,000 and C 2,00,000 and their drawings during the year are A 1,00,000, B 80,000 and C 60,000 and creditors are 1,20,000. What will be the amount of assets of the firm?
Option 1: 13,40,000
Option 2: 14,60,000
Option 3: 12,20,000
Option 4: 26,60,000
Answer (1)
27th Jan, 2024
Correct Answer: 13,40,000
Solution : Answer = 13,40,000
| Memorandum balance sheet | |||
| Capitals | S.Assets(b/f) | 13,40,000 | |
| A | 8,60,000 | Drawings | |
| B | 4,00,000 | A | 1,00,000 |
| C | 2,00,000 | B | 80,000 |
| Creditor | 1,20,000 | C | 60,000 |
| 15,80,000 | 15,80,000 | ||
Hence, the correct option is 1.
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