Question : There are two partners A and B in a firm and their capitals are Rs. 50,000 and Rs. 40,000. The creditors are Rs. 30,000. The assets of the firm realise Rs. 1,00,000. How much will A and B receive or be paid?
Option 1: A's capital account debited Rs 40,000, and credited bank account Rs 40,000
Option 2: B's capital account debited Rs 30,000 and credited bank account Rs 30,000
Option 3: Both 1 and 2
Option 4: None of the above
Answer (1)
24th Jan, 2024
Correct Answer: Both 1 and 2
Solution : Answer = Both 1 and 2
| Partner's capital a/c | |||||
| A | B | A | B | ||
| To Realisation (loss) | 10,000 | 10,000 | By Bal b/d | 50,000 | 40,000 |
| To Bank (b/f) | 40,000 | 30,000 | |||
| 50,000 | 40,000 | 50,000 | 40,000 | ||
| Realisation A/c | |||
| To Sundry assets | 1,20,000 | By Cash (assets realised) | 1,00,000 |
| By Loss | 20,000 | ||
| 1,20,000 | 1,20,000 | ||
| Memorandum Balance Sheet | |||
| Liabilities | Amount | Assets | Amount |
| Capitals | S. Assets (b/f) | 1,20,000 | |
| A | 50,000 | ||
| B | 40,000 | ||
| Creditors | 30,000 | ||
| 1,20,000 | 1,20,000 | ||
Hence, the correct option is 3.
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