Question

Wayne, Shaan and Bryan were partners in a firm. Shaan had advanced a loan of ₹ 1,00,000 to the firm. On 31st March, 2024 the firm was dissolved. After transferring various assets (other than cash & bank) and outside liabilities to Realisation Account, Shaan took over furniture of book value of ₹ 90,000 in part settlement of his loan amount. For the payment of balance amount of Shaan’s loan Bank Account will be credited with:

Options

• ₹ 1,00,000

• ₹ 90,000

• ₹ 1,90,000

• ₹ 10,000

Answer 1

₹ 10,000

Explanation:

Balance amount to be paid for Shaan’s loan = ₹ 1,00,000 – ₹ 90,000 = ₹ 10,000.