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 ₹20,000. On the date of dissolution following information is available-
X's Capital = ₹5,00,000
Y's Capital = ₹5,00,000
Z's Capital = ₹3,00,000
Creditors = ₹2,00,000
Cash = ₹3,00,000
Profit and loss credit balance = ₹1,50,000
Loan to Y = ₹1,00,000
Land & building = ₹8,00,000
Investments = ₹2,00,000
Debtors = ₹1,00,000
Stock = ₹1,50,000
Land & building sold at a profit of 12.5%. Debtors are realised at ₹90,000 whereas stock is realised at ₹1,40,000. X take over the investments for ₹1,90,000. All the creditors are paid by the firm on which firm got discount of 5%.
How much amount is finally paid to partner X?
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹3,80,000.
Capital accounts of partners
| Particulars | X (₹) | Y (₹) | Z (₹) | Particulars | X (₹) | Y (₹) | Z (₹) |
| To Realisation A/c (Investments) |
1,90,000 | By balance b/d | 5,00,000 | 5,00,000 | 3,00,000 | ||
| To Bank A/c (final payment) | 3,80,000 | 5,70,000 | 3,70,000 | By profit & loss | 50,000 | 50,000 | 50,000 |
| By Realisation A/c (profit) | 20,000 | 20,000 | 20,000 | ||||
| 5,70,000 | 5,70,000 | 3,70,000 | 5,70,000 | 5,70,000 | 3,70,000 |
Payment to X is made for 3,80,000.