Question : On dissolution of a firm, partners' capital accounts balance was Rs. 80,000 creditors balance was Rs. 12,000 and profit and loss account debit balance was Rs. 6,000. Profit on the realisation of assets was Rs. 7,800. The total amount realised from assets was :
Option 1: Rs 81,000
Option 2: Rs 76,800
Option 3: Rs 70,800
Option 4: Rs 93,800
Correct Answer: Rs 93,800
Solution : Answer = Rs 93,800
Memorandum Balance Sheet | |||
Capital balance | 80,000 | Sundry assets(b/f) | 86,000 |
Creditor | 12,000 | Profit and loss | 6,000 |
92,000 | 92,000 |
Hence, the correct option is 4.