Practicing Success

Target Exam

CUET

Subject

Accountancy

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:

₹81000

₹76800

₹70800

₹80100

Correct Answer:

₹76800

Explanation:

Total Assets = Total Liabilities
Total Liabilities= 63,000+12,000-6,000=69,000
Total Assets=69,000
Profit on realisation of assets= 7,800
Assets Realised=69,000+7800=76,800