Question : P, Q and R are partners sharing profits and losses in the ratio of 3: 3: 2. Their respective capitals are in their profit-sharing proportions. On 1st April, 2019, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2019-20, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P-Rs. 8,000; Q-Rs. 7,000; and R-Rs. 5,000. On 31st March, 2020, their liabilities wereRs. 18,000.
On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800 .
Question:
The value of sundry assets are
Option 1: Rs 1,62,000
Option 2: Rs 1,26,000
Option 3: Rs 1,06,000
Option 4: None of the above
Correct Answer: Rs 1,26,000
Solution : Answer = Rs 1,26,000
Calculation of Closing Capital | |||
P | Q | R | |
Op. Capital | 30,000 | 30,000 | 20,000 |
(+) Profit -IOC(28000-4000) | 9000 | 9000 | 6000 |
(+) Int. on Capital | 1500 | 1500 | 1000 |
(-) Drawing | (8000) | (7000) | (5000) |
Closing Capital | 32500 | 33500 | 22000 |
Memorandum Balance Sheet | |||
Liab. | Amount | Assets | Amount |
Capital |
S.Assets |
(Bal. fig)
Hence, the correct option is 2.