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Target Exam

CUET

Subject

Accountancy

Chapter

Dissolution of Partnership Firm

Question:

If total assets are Rs2,00,000; total liabilities are Rs40,000; amount realised on sale of assets is Rs1,75,000 and realisation expenses are Rs3,000, the profit or loss on realisation will be :

Options:

Profit Rs12,000

Loss Rs78,000

Loss Rs28,000

None of the above

Correct Answer:

Loss Rs28,000

Explanation:

Realisation A/c

Particulars Amount (dr) Particulars Amount (cr)
To Assets 2,00,000 By Liabilities  40,000
To Bank A/c 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
       

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