Read the following case study and answer the question:
Naina and Nayantara are Partners in a firm, sharing profits in ratio 3 : 2. They decided to dissolve their firm on 31, March 2021 when their Balance-Sheet was as follows:
|
Liabilities |
Amt. (₹) |
Assets |
Amt. (₹) |
|
Capital: Naina 1,00,000 Nayantara 80,000 Creditors Bills Payable |
1,80,000 60,000 20,000 |
Machinery Investment Stock Debtors Cash at Bank |
80,000 50,000 22,000 1,03,000 5,000 |
|
|
2,60,000 |
|
2,60,000 |
The Assets and liabilities were disposed off as follows:
(a) Machinery was given to creditors in full settlement of their amount and stock was given to Bills Payable in full settlement.
(b) Investment were taken over by Nayantara at book value.
(c) Debtors of book value ₹50,000 taken over by Naina at 10% less and remaining debtors realised ₹51,000.
(d) Realisation expenses amounted to ₹5,000.
Net amount payable to Naina is:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → ₹ 34,600
Naina took over debtors and bears 3/5 of the loss on realisation; both are debited to her capital account before she is paid.
Loss on realisation:
Debit side = assets ₹2,55,000 + expenses ₹5,000 = ₹2,60,000
Credit side = creditors ₹60,000 + bills payable ₹20,000 + investment (Nayantara) ₹50,000 + debtors (Naina) ₹45,000 + debtors realised ₹51,000 = ₹2,26,000
Loss = ₹2,60,000 − ₹2,26,000 = ₹34,000
Naina’s share (3/5) = ₹20,400
Debtors taken over by Naina:
= ₹50,000 − 10% of ₹50,000
= ₹45,000
Naina’s Capital Account:
Opening balance = ₹1,00,000
Less: Debtors taken over = ₹45,000
Less: Share of loss = ₹20,400
Amount paid to her = ₹34,600
NCERT (2026-27 edition):
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