On dissolution of a firm, partner's capital accounts balance was ₹63,000; creditors balance was ₹12,000 and profit & loss account debit balance was ₹6,000. Profit on realisation of assets was ₹7,800. Total amount realised from assets was:
Answer & explanation
Correct answer: option 2
The correct answer is option 2- ₹76,800.
Total Liabilities = 63,000 + 12,000 - 6,000
= 69,000
Total Assets = Total Liabilities
Total Assets = 69,000
Profit on realisation of assets = 7,800
Assets Realised = 69,000 + 7,800
= 76,800