From the information provided below, calculate various questions asked in questions.
Following is the Balance Sheet of Ashwani and Bharat on March 31, 2024.
Balance Sheet Ashwani and Bharat as on March 31, 2024
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
| Creditors | 76,000 | Cash at bank | 17,000 |
| Mrs. Ashwani's loan | 10,000 | Stock | 10,000 |
| Mrs. Bharat loan | 20,000 | Investments | 20,000 |
| Investment fluctuation reserve | 2,000 | Debtors- 40,000 Less: Provision for doubtful debts 4,000 |
36,000 |
| General Reserve | 20,000 | Buildings | 70,000 |
| Capitals: Ashwani- 20,000 Bharat - 20,000 |
40,000 | Goodwill | 15,000 |
| Total | 1,68,000 | Total | 1,68,000 |
The firm was dissolved on that date. The following was agreed transactions took place.
(i) Aswhani promised to pay Mrs. Ashwani's loan and took away stock for ₹8,000.
(ii) Bharat took away half of the investment at 10% less. Debtors realised for ₹38,000. Creditor's were paid at less of ₹380. Buildings realised for ₹1,30,000, Goodwill ₹12,000 and the remaining Investment were sold at ₹9,000. An old typewriter not recorded in the books was taken over by Bharat for ₹600. Realisation expenses amounted to ₹2,000.
Amount of Assets realized debited to Bank Account will be:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → ₹1,89,000
Only the assets sold for cash bring money into the Bank Account. The entry is Bank A/c Dr. To Realisation A/c with the amount realised. Assets taken over by partners (stock by Ashwani, half the investments and the typewriter by Bharat) bring no cash, so they are left out.
Debtors = ₹38,000
Buildings = ₹1,30,000
Goodwill = ₹12,000
Remaining investments = ₹9,000
Total debited to Bank = ₹1,89,000
Adding the typewriter (₹600) gives ₹1,89,600, but Bharat took it over against his capital, so no cash came in for it.
NCERT (2026-27 edition):
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