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
Correct Answer: Credited Rs 19,200
Solution :
Y's share of profit=$57600 \times \frac{3}{9}$=19,200. Hence, the correct option is 3.
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.
Question : Ram, Hari and Zalim are partners in a firm in the ratio of 3: 2: 1 On the firm's dissolution, the firm's total assets are Rs. 140,000, creditors are Rs. 30,000. Realization expenses are Rs. 2,000. Assets realised 15% more than the book value. Creditors were paid 2%
Question : Adiraj and Karan were partners in a firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 the firm was dissolved. After the transfer of assets (other than cash in hand and at the bank) and third-party liabilities to the Realization Account, the following
Question : What is the treatment of provisions against assets on dissolution of a firm?
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