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
Correct Answer: 13,40,000
Solution : Answer = 13,40,000
Hence, the correct option is 1.
Question : If opening capital of partners are Rs 2,00,000, B Rs 3,00,000 and C Rs 4,00,000 and their drawing during the year are A 3000 per month, B Rs 4000 per month and C Rs 5000 per month and creditors are Rs 80,000 . What will be the amount of sundry assets of the firm.
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
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