Question

On dissolution of a firm, partner’s capital accounts balance was ₹ 63,000; creditors balance was ₹ 12,000 and profit & loss account debit balance was ₹ 6,000. Profit on realisation of assets was ₹ 7,800. Total amount realised from assets was:

विकल्प

• ₹ 81,000

• ₹ 76,800

• ₹ 70,800

• ₹ None

Answer 1

₹ 76,800

Explanation:

Creditors balance = ₹ 12,000 (Given)   

Partner’s capital accounts balance = ₹ 63,000 (Given)   

Total Liabilities and Capital = ₹ 12,000 + ₹ 63,000 = ₹ 75,000

Profit & Loss (Debit Balance) = ₹ 6,000 (Given)   

Adjusted Liabilities and Capital = ₹ 75,000 – ₹ 6,000 = ₹ 69,000

Profit on realisation of assets = ₹ 7,800 (Given)

Total Amount Realized from Assets = ₹ 69,000 + ₹ 7,800 = ₹ 76,800

Therefore, the total amount realized from assets was ₹ 76,800.