Practicing Success
Based on following case, answer question. Nayana and Arushi were partners sharing profit equally. Their Balance Sheet as at March 31, 2017 was as follows:
(1) Nayana took over 50% of the stock at 10% less on its book value, and the remaining stock was sold at a gain of 15%. Furniture and Machinery realised for Rs. 30,000 and Rs. 50,000 respectively. |
Calculate the total amount realised in Cash/Bank at the time of dissolution of the firm from sale of assets & recovery. |
Rs. 1,16,200 Rs. 1,57,825 Rs. 1,56,625 Rs. 1,54,200 |
Rs. 1,57,825 |
The correct answer is Option (2) → Rs. 1,57,825 Unrecorded Investment = 34,000 NOTE-1 |