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.
Total amount has to paid to Shaniya is ₹4,50,000.
25% of furniture + bill of exchange + transfer to loan account = Total payable amount
25% of furniture + 52,000 + 2,75,000 = 4,50,000
25% of furniture = 4,50,000 - 52,000 -2,75,000
= ₹1,23,000
25% of furniture = ₹1,23,000
100% furniture = 1,23,000/25 x 100
= ₹4,92,000