Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

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:

Options:

₹81,000

₹76,800

₹70,800

₹80,100

Correct Answer:

₹76,800

Explanation:

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