Question : On dissolution of a firm, its balance sheet revealed total creditors of Rs 50,000. Total capital Rs 48,000, Cash balance Rs 3000. Its assets were realized at rs 12% less. The loss on realization will be.
Option 1: Rs 12,400
Option 2: Rs 11,400
Option 3: Rs 10,000
Option 4: None of the above.
Answer (1)
23rd Jan, 2024
Correct Answer: Rs 11,400
Solution : Answer = Rs 11,400
| Memorandum balance sheet | |||
| Capitals | 48,000 | Cash | 3,000 |
| Creditors | 50,000 | S.Assets(b/f) | 95,000 |
| 98,000 | 98,000 | ||
| Realisation a/c | |||
| To Sundry assets | 95,000 | By S.Liabilities | 50,000 |
| To Cash(liabilities paid) | 50,000 | By Cash(assets realised) | 83,600 |
| (95000-11400) | |||
| By Loss | 11,400 | ||
| 1,45,000 | 1,45,000 | ||
Hence, the correct option is 2.
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