Question : On dissolution of a firm, debtors Rs 34,000 were shown in the Balance Sheet. Out of this Rs 4000 became bad. One debtor became insolvent. 70% were recovered from him out of 10,000. The full amount was recovered from the balance debtors. On account of this item, the loss in realisation account will be:
Option 1: 5,100
Option 2: 7,000
Option 3: 3,500
Option 4: 2,000
Answer (1)
9th Jan, 2024
Correct Answer: 7,000
Solution : Answer = Rs. 7,000
| Realisation a/c | |||
| To S.Assets | 34,000 | Bank(20,000+7,000) | 27,000 |
| Debtors | Loss | 7,000 | |
| 34,000 | 34,000 | ||
Hence, the correct option is 2.
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