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Question
On dissolution of a firm, firm's Balance Sheet total is ₹ 1,00,000. On the assets side of the Balance Sheet items were shown Advertisement expenses ₹ 5,000; Profit & Loss Account (Debit) Balance ₹ 8,000 and Cash Balance ₹ 4,000. Loss on realisation was ₹ 10,000. Total assets (including cash balance) realised will be ______.
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Solution
On dissolution of a firm, firm's Balance Sheet total is ₹ 1,00,000. On the assets side of the Balance Sheet items were shown Advertisement expenses ₹ 5,000; Profit & Loss Account (Debit) Balance ₹ 8,000 and Cash Balance ₹ 4,000. Loss on realisation was ₹ 10,000. Total assets (including cash balance) realised will be ₹ 77,000.
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