Question : X, Y and Z are partners in a firm in the ratio of 4: 3: 2. On the firm's dissolution, the firm's total assets are Rs.4,00,000, and creditors are Rs.20,000. Realisation expenses are Rs.2,000. Assets realised 15% more than the book value. Creditors were paid 2% more. For-profit/loss on realisation, Y's capital account will be debited/credited with
Option 1: Credited Rs 8,100
Option 2: Debited Rs 19,200
Option 3: Credited Rs 19,200
Option 4: None of the above
Answer (1)
25th Jan, 2024
Correct Answer: Credited Rs 19,200
Solution :
| Realisation a/c | |||
| To Sundry assets | 4,00,000 | S.Liabilities | 20,000 |
| To Bank | 22,400 | Creditor | |
| Exp=2000 | Bank(assets realised) | 4,60,000 | |
| Creditor=20400 | |||
| Profit | 57,600 | ||
| 4,80,000 | 4,80,000 | ||
Y's share of profit=$57600 \times \frac{3}{9}$=19,200.
Hence, the correct option is 3.
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