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Question
On the basis of following data, final payment to a partner on firm’s dissolution will be made:
Debit balance of Capital Account ₹ 14,000; Share of his profit on realisation ₹ 43,000; Firm’s asset taken over by him for ₹ 17,000.
Options
₹ 31,000
₹ 29,000
₹ 12,000
₹ 60,000
MCQ
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Solution
₹ 31,000
Explanation:
Final payment = Share of profit on realization – Debit balance in Capital Account + Firm’s asset taken over
Final payment = ₹ 43,000 – ₹ 14,000 + ₹ 17,000
Final payment = ₹ 31,000
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