If opening capitals of partners are A Rs3,00,000, B Rs2,00,000 and C Rs1,00,000 and their drawings during the year are A Rs50,000, B Rs40,000 and C Rs30,000 and creditors are Rs60,000, what will be the amount of assets of the firm?
Answer & explanation
Correct answer: option 2
Total Liabilities=Total Assets
Total Liabilities= Partner's Capital +Creditors
= (3,00,000-50,000)+(2,00,000-40,000)+(1,00,000-30,000)+60,000
=5,40,000