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Question : On dissolution of a firm, the firm's Balance Sheet total is Rs. 7,70,000. On the assets side of the Balance Sheet items were shown preliminary expenses of Rs. 20,000; a Profit & Loss Account (Debit) Balance of Rs.8000 and a Cash Balance of Rs.18000. Loss on realisation was Rs. 63,000. Total assets (including cash balance) realised will be :

Option 1: Rs 6,61,000

Option 2: Rs 7,10,000

Option 3: Rs 6,47,000

Option 4: Rs 6,29,000


Team Careers360 21st Jan, 2024
Answer (1)
Team Careers360 22nd Jan, 2024

Correct Answer: Rs 6,61,000


Solution : Answer = Rs 6,61,000

Realisation a/c
To S.Assets 86,000 S.Liabilities
Creditor 12,000
To Cash (creditor) 12,000 Cash (Assets realised) (B/F) 93,800
To Profit 7,800
1,05,800 1,05,800

Hence, the correct option is 1.

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