Practicing Success
READ THE FOLLOWING INFORMATION AND ANSWER THE FOLLOWING QUESTION. X, Y & Z are partners in a partnership firm. They decided to dissolve the firm for which firm borne the realisation expenses of ₹20000. On the date of dissolution following information is available- |
What is the share of Y in realisation profit? |
₹20,000 ₹25,000 ₹30,000 ₹40,000 |
₹20,000 |
The correct answer is option 1- ₹20,000. REALISATION ACCOUNT
No profit sharing ratio is given, so profits are shared equally between partners. |