Based on following answer the question.
Meena and Tina are partners in a firm and sharing profit as 3 : 2. They decided to dissolve their firm on March 31, 2017 when their Balance Sheet was as follows:
Balance Sheet Meena and Tina as on March 31, 2017
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital | Machinery | 70,000 | |
| Meena 90,000 | Investments | 50,000 | |
| Tina 80,000 | 1,70,000 | Stock | 22,000 |
| Sundry creditors | 60,000 | Sundry debtors | 1,03,000 |
| Bills payable | 20,000 | Cash at bank | 5,000 |
| 2,50,000 | 2,50,000 |
The assets and liabilities were disposed of as follows:
a. Machinery were given to creditors in full settlement of their account and stock were given to bills payable in full settlement.
b. Investments were taken over by Tina at book value. Sundry debtors of book value ₹50,000 were taken over by Meena at 10% less and remaining debtors realised ₹51,000.
c. Realisation expenses amount to ₹2,000.
At what value of Sundry debtors taken over by Meena?
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → ₹45,000
Book value of debtors taken over by Meena = ₹50,000
Less: 10% = ₹5,000
Value at which Meena takes them over = ₹45,000 (credited to Realisation Account, debited to Meena’s Capital Account)
NCERT (2026-27 edition):
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