From the information provided below, calculate various questions asked in questions.
Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.
Balance Sheet Ashwani and Bharat as on March 31, 2024
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
| Creditors | 76,000 | Cash at bank | 17,000 |
| Mrs. Ashwani's loan | 10,000 | Stock | 10,000 |
| Mrs. Bharat loan | 20,000 | Investments | 20,000 |
| Investment fluctuation reserve | 2,000 | Debtors- 40,000 Less: Provision for doubtful debts 4,000 |
36,000 |
| General Reserve | 20,000 | Buildings | 70,000 |
| Capitals: Ashwani- 20,000 Bharat - 20,000 |
40,000 | Goodwill | 15,000 |
| Total | 1,68,000 | Total | 1,68,000 |
The firm was dissolved on that date. The following was agreed transactions took place.
(i) Aswhani promised to pay Mrs. Ashwani's loan and took away stock for ₹8,000.
(ii) Bharat took away half of the investment at 10% less. Debtors realised for ₹38,000. Creditor's were paid at less of ₹380. Buildings realised for ₹1,30,000, Goodwill ₹12,000 and the remaining Investment were sold at ₹9,000. An old typewriter not recorded in the books was taken over by Bharat for ₹600. Realisation expenses amounted to ₹2,000.
Bank A/c is credited by the Realisation A/c by amount in total.
Answer & explanation
Correct answer: option 3
The correct answer is option 3- ₹97,620.
Creditor's were paid at less of ₹380.
Realisation expenses amounted to ₹2,000.
Mrs. Bharat loan = 20,000
* Paid amount to creditors = 76,000 - 380
= 75,620
* Bharat loan paid = 20,000
*Realisation expenses paid = 2,000
Total amount paid = 20,000 + 75,620 + 2,000
= ₹97,620