Question : On the basis of the following data, how much final payment will be made to a partner on the firm's dissolution?
The credit balance of the capital account is Rs 50,000. Share of loss on realization Rs 10,000. The firm's liability was taken over by him for Rs 8000.
Option 1: Rs 48,000
Option 2: Rs 68,000
Option 3: Rs 38,000
Option 4: None of the above
Answer (1)
25th Jan, 2024
Correct Answer: Rs 48,000
Solution : Answer = Rs 48,000
| Partner's capital a/c | |||
| To Realisation(loss) | 10,000 | By Bal b/d | 50,000 |
| To Bank(b/f) | 48,000 | By Realisation | 8,000 |
| 58,000 | 58,000 | ||
Hence, the correct option is 1.
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