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Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Dissolution of Partnership Firm

Question:

If total assets are ₹2,00,000; total liabilities are ₹40,000; amount realised on sale of assets is ₹1,75,000 and realisation expenses are ₹3,000, the profit or loss on realisation will be :

Options:

Profit ₹12,000

Loss ₹78,000

Loss ₹28,000

Profit ₹68,000

Correct Answer:

Loss ₹28,000

Explanation:

The correct answer is option 3- Loss ₹28,000.

 

Realisation A/c

Particulars Amount (₹) Particulars Amount (₹)
To Assets
(Transfer of assets)		 2,00,000 By Liabilities
(Transfer of liabilities)		 40,000
To Bank A/c
(Liabilities paid)		 40,000 By Bank A/c
(Realisation of Assets)		 1,75,000
To Bank A/c (Expenses) 3,000 By Partner's capital A/c (Loss) 28,000
  2,43,000   2,43,000

 

NOTE- if nothing is mentioned about the payment of liability then it is assumed that they are fully paid.

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