Question : Peter and Harry, who were partners sharing profits and losses in the proportion of 4 / 7 and 3 / 7 respectively, decided to dissolve the partnership firm as of 31st March 2020. On the date of the dissolution, Peter's Capital was Rs. 1,25,030 and Harry's Capital was Rs. 2,070. Creditors amounted to Rs. 23,150 and Cash Rs. 4,520. The remaining assets realised Rs. 1,24,910 and the expenses of dissolution were Rs. 1,860. Both partners were solvent.
Question:
The value of sundry assets is
Option 1: Rs 1,50,250
Option 2: Rs 1,45,730
Option 3: Rs 1,50,000
Option 4: Rs 1,45,000
Correct Answer: Rs 1,45,730
Solution : Answer = Rs 1,45,730
Memorandum Balance Sheet | |||
Liabilities | Amount | Assets | Amount |
P's capital | 1,25,030 | Cash | 4,520 |
H's capital | 2,070 | S.Assets(b/f) | 1,45,730 |
Creditor | 23,150 | ||
1,50,250 | 1,50,250 |
Hence, the correct option is 2.