Shweta, Shreya and Shaniya were partners sharing profits in the ratio of 3:2:1. Shaniya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to ₹4,50,000. Shaniya took 25% of the furniture, accepted bill of exchange for ₹52,000. Finally ₹2,75,000 was transferred to her loan account. The total value of furniture was:
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → ₹4,92,000
The amount due to a retiring partner is settled partly by assets and bills, and the balance is transferred to her loan account. Working back from the loan gives the value of furniture she took.
Amount due to Shaniya = ₹4,50,000
Less: Bill of exchange accepted = ₹52,000
Less: Transferred to loan account = ₹2,75,000
Furniture taken by Shaniya = ₹4,50,000 − ₹52,000 − ₹2,75,000 = ₹1,23,000
This is 25% of the furniture, so total furniture = ₹1,23,000 × 100/25 = ₹4,92,000
NCERT (2026-27 edition): |