Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

Credit balance of Capital account of the partner was ₹50,000. Share of loss on realisation amounted to ₹10,000. Firm's liability taken over by him was for ₹8,000. On the basis of above data, how much final payment will be made to a partner on firm's dissolution?

Options:

₹32,000

₹48,000

₹40,000

₹52,000

Correct Answer:

₹48,000

Explanation:

Final payment to partner = 50,000(Capital) + 8,000(Liability of firm taken over) - 10,000(Share of loss on realisation) = ₹48,000