Practicing Success
Based on following Balance Sheet of Tarnav and Manav as at 31st March 2022, answer question: Balance Sheet as at 31st March 2022
On that date the firm was dissolved on the following term: (i) Tarnav promised to pay Sanjay's loan and took over stock in trade at ₹4,000. |
Calculate amount paid to creditors: |
₹ 29,850 ₹ 30,000 ₹ 28,200 ₹ 29,400 |
₹ 29,850 |
The correct answer is Option 1 - ₹ 29,850. Creditors = ₹30000 Note- Discount is calculated for 1 month only because creditors are paid in 1 month advance only. |