On dissolution of a firm, the stock was appearing in the balance sheet ₹1,00,000. Part of the stock was taken once by a partner at a 10% discount at ₹49,500 and the balance was sold at a profit of 20%. How much amount will be credited to Realisation A/c?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹1,03,500.
Let the book value of debtors taken by partner = x
Total part taken by partner = x X (90/100)
= 49,500
x = 49,500 X 100/90
x = ₹55,000
Remaining stock = Total debtors - taken by partner
= 1,00,000 - 55,000
= ₹45,000 ( this is sold at 20% profit)
= 45,000 X 20/100
= ₹9,000
Realised value = 45,000 + 9,000
= ₹54,000
Total amount realised = 54,000 + 49,500
= ₹1,03,500