Practicing Success
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
The assets and liabilities were disposed off as follows: a. Machinery were given to creditors in full settlement of their account and stock were given to bills payable in full settlement |
The amount transferred to Capital as Profit/Loss on Realisation is : |
Loss - Meena ₹12,600; Teena ₹8,400 Profit - Meena ₹ 12,600; Teena ₹8,400 Loss - Meena ₹8,400; Teena ₹12,600 Profit - Meena ₹ 8,400; Teena ₹12,600 |
Loss - Meena ₹12,600; Teena ₹8,400 |
The correct answer is Option (1) - Loss - Meena ₹12,600; Teena ₹8,400. Realisation Account
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