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On the day of dissolution of the firm ‘Roop Brothers’ had partner’s capital amounting to ₹ 1,50,000 external liabilities ₹ 35,000, Cash balance ₹ 8,000 and P and L A/c (Dr.) ₹ 7,000.

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Question

On the day of dissolution of the firm ‘Roop Brothers’ had partner’s capital amounting to ₹ 1,50,000 external liabilities ₹ 35,000, Cash balance ₹ 8,000 and P & L A/c (Dr.) ₹ 7,000. If Realisation expense and loss on Realisation amounted to ₹ 5,000 and ₹ 25,000 respectively, the amount realised by sale of assets is ______.

Options

  • ₹ 1,64,000 

  • ₹ 1,45,000

  • ₹ 1,57,000

  • ₹ 1,50,000

MCQ
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Solution

On the day of dissolution of the firm ‘Roop Brothers’ had partner’s capital amounting to ₹ 1,50,000 external liabilities ₹ 35,000, Cash balance ₹ 8,000 and P & L A/c (Dr.) ₹ 7,000. If Realisation expense and loss on Realisation amounted to ₹ 5,000 and ₹ 25,000 respectively, the amount realised by sale of assets is ₹ 1,50,000.

Explanation:

Balance sheet
Liabilities Amount (₹) Assets Amount (₹)
External liabilities 35,000 Cash 8,000
Capital 1,50,000 P & L   7,000
    Asset (B/f) 1,70,000
  1,85,000   1,85,000

 

Dr. Realisation A/c  Cr.
Particulars Amount (₹) Particulars Amount (₹)
To Asset A/c 1,70,000 By External liabilities A/c 35,000
To Cash A/c 5,000 By Cash (B/f) A/c 1,50,000
To Cash A/c 35,000 By Loss on partner’s capital A/c 25,000
  2,10,000   2,10,000
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Chapter 5: Dissolution of Partnership Firm - OBJECTIVE TYPE QUESTIONS [Page 5.126]

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D. K. Goel Accountancy Part 1 and 2 [English] Class 12 ISC
Chapter 5 Dissolution of Partnership Firm
OBJECTIVE TYPE QUESTIONS | Q (A) 65. | Page 5.126

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