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Question
If opening capitals of partners are A ₹ 3,00,000, B ₹ 2,00,000 and C ₹ 1,00,000 and their drawings during the year are A ₹ 50,000, B ₹ 40,000 and C ₹ 30,000 and creditors are ₹ 60,000, what will be the amount of assets of the firm?
Options
₹ 5,40,000
₹ 4,20,000
₹ 4,80,000
₹ 6,60,000
MCQ
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Solution
₹ 5,40,000
Explanation:
Given:
Opening capitals: A = ₹ 3,00,000, B = ₹ 2,00,000, C = ₹ 1,00,000
Drawings: A = ₹ 50,000, B = ₹ 40,000, C = ₹ 30,000
Creditors (Liabilities) = ₹ 60,000
Calculate total capital of partners:
Total Capital = 3,00,000 + 2,00,000 + 1,00,000
= ₹ 6,00,000
Adjusted Capital = 6,00,000 − (50,000 + 40,000 + 30,000)
= 6,00,000 − 1,20,000
= ₹ 4,80,000
Assets = Adjusted Capital + Creditors
= 4,80,000 + 60,000
= ₹ 5,40,000
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