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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


Team Careers360 15th Jan, 2024
Answer (1)
Team Careers360 16th Jan, 2024

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)

1,26,000
P 32500
Q 33500
R 22000
General 20,000
Res
Creditors 18000
1,26,000 1,26,000

Hence, the correct option is 2.

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