Practicing Success
Practicing Success
CUET Preparation Today
| X, Y & Z are partners in a partnership firm and Y retires and his claim including his capital and share of goodwill is ₹120000. He is paid partly in cash and partly in kind. A vehicle valued at ₹60000 is unrecorded in the books of account and the balance is given to him in cash to settle his account. What is the total amount due to Y on his retirement? |
₹120000 ₹100000 ₹140000 ₹160000 |
| ₹140000 |
| ₹60000 of the vehicle is recorded in revaluation A/c and this is profit for the firm which should be distributed to all partners in their old ratio. So, 60000 should be equally divided between partners. And due to it, Y will get 60000*1/3= 20000 more. So, the total share of Y is 120000+20000= ₹140000 |
