Question : M & N were partners. They decided to dissolve their firm on 31st march 2022. The balance sheet of the firm is given below. M undertook to pay Mrs. M Loan and took over 40% of the stock and 70% of machinery at a discount of 15%.The Value at which asset is taken over by M will be :
Balance sheet as at 31st march 2022
Liabilities
Amount
Assets
Capital M
40000.00
Furniture
50000.00
N
100000.00
Machinery
20000.00
Mrs. M Loan
15000.00
Stock
Cash in Hand
35000.00
155000.00
Option 1: Rs.17,000
Option 2: Rs.5,100
Option 3: Rs.28,900
Option 4: None of the Above
Correct Answer: Rs.28,900
Solution : Value of Stock Taken over M = 50000*40% = Rs.20000
Less : Amount of Discount = Rs.20000*15% = Rs.3000
A = 17000
Value of Machine Taken over by M = 20000*70% = 14000
Less : Amount of Discount = 14000*15% = 2100
B = 11900
Total Value of Asset Taken over by M = (A+B)
= 17000 + 11900
= 28900
Hence the correct answer is option 3.
Question :
Calculate Operating ratio
On the basis of following information
Calculate Cash Flow From Investing
From the Following information what
Following is the extract From the
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile