Question : On dissolution of a firm, its Balance Sheet revealed total creditors Rs.50,000; Total Capital Rs.48,000; Cash Balance Rs.3,000. Its assets were realised at 12% less. Loss on realisation will be ________.
Option 1: Rs.6,000
Option 2: Rs.11,400
Option 3: Rs.11,790
Option 4: Rs.3,600
Answer (1)
12th Jan, 2024
Correct Answer: Rs.11,400
Solution : Total Balance of Liability side = Total Creditor + Total capital
= 50000 + 48000
= 98000
Cash Balance Rs.3000 hence asset amount will be Rs. 98000 - 3000 = Rs.95000
Assets are realised at 12% loss hence loss on realisation is -
95000 * 12% = 11400
Hence the correct answer is option 2.
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