Question : X, Y and Z are partners in a firm. Y retires and his claim including his capital and his share of goodwill is Rs.3,00,000. There was unrecorded furniture valued at Rs. 15,000 , half of which was given to an unrecorded creditor of Rs. 30,000 in settlement of his claim of Rs. 15,000 and remaining half was given to Y at a discount of 10% in part satisfaction of his claim. Balance of Y's claim was discharged by current date cheque.
Question:
Amount payable to Y is
Option 1: Rs 3,00,000
Option 2: Rs 2,97,500
Option 3: Rs 2,97,250
Option 4: None of the above
Correct Answer: Rs 2,97,250
Solution : Answer = Rs 2,97,250
Y's amount due = 3,00,000
(+) Revaluation (close) = 2750
(15000 - 6750)
Amount due = 2,97,250
Hence, the correct option is 3.