Practicing Success
A, B & C are partners sharing profits in proportion to their capital. B retired from the firm on 1st April 2021 and the remaining partners decided to carry on the partnership. At the time of retirement, their capital accounts show balance- A- ₹450000, B- ₹300000, and C ₹150000. There is also a debit balance of P & L A/c of ₹12000. The firm has debtors of ₹100000 on which 2% is made for provision for doubtful debts. The assets and liabilities of the partnership firm are as follows- |
What will be the value of the land after being appreciated by 10%? |
₹500000 ₹5000000 ₹5500000 ₹550000 |
₹550000 |
Land- ₹500000 |