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Question
On the basis of the following data, what 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 by him for 17,000.
Options
₹ 31,000
₹ 29,000
₹ 12,000
₹ 60,000
MCQ
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Solution
₹ 12,000
Explanation:
Final Payment = Realisation Profit − Debit Capital Balance − Asset Taken Over
Final Payment = 43,000 − 14,000 − 17,000
= 12,000
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