Question : On dissolution of a firm, its Balance Sheet revealed total creditors of Rs.50,000; Total Capital of Rs.48,000; Cash Balance of Rs.3,000. Its assets were realized at 12% less. What will be the loss on realisation?
Option 1: Rs.11,600
Option 2: Rs.11,500
Option 3: Rs.11,400
Option 4: Rs.15,400
Answer (1)
19th Jan, 2024
Correct Answer: Rs.11,400
Solution : Answer = 11,400
| Memorandum Balance Sheet | |||
| Creditor | 50,000 | Cash | 3,000 |
| Capitals | 48,000 | S.Assets(b/f) | 95,000 |
| 98,000 | 98,000 | ||
| Realisation A/c | |||
| To S.Assets | 95,000 | By S. Liabilities | |
| To Cash | By Creditor | 50,000 | |
| Creditor | 50,000 | By Cash (assets realised) | 83,600 |
| By Loss | 11,400 | ||
| 1,45,000 | 1,45,000 | ||
Hence, the correct option is 3.
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