Question : A, B and C were in partnership sharing profits and losses in the ratio of 2:1:1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash Rs. 5,000 ) amounted to Rs. 88,000, assets realised Rs. 80,000 (including an unrecorded asset which realised Rs. 4,000). A contingent liability on account of bills discounted Rs. 8,000 was paid by the firm. The Capital Accounts of A, B and C showed a balance of Rs. 20,000 each.
Question:
Profit/loss on Realization are .....

Option 1: Profit on Realization Rs 11,000

Option 2: Loss on Realization Rs 11,000

Option 3: Profit on Realization Rs 31,000

Option 4: Loss on realization Rs 31,000

Question : A, B and C were in partnership sharing profits and losses in the ratio of 2:1:1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash Rs. 5,000 ) amounted to Rs. 88,000, assets realised Rs. 80,000 (including an unrecorded asset which realised Rs. 4,000). A contingent liability on account of bills discounted Rs. 8,000 was paid by the firm. The Capital Accounts of A, B and C showed a balance of Rs. 20,000 each.
Question:
The value of sundry assets is...

Option 1: Rs 88,000

Option 2: Rs 83,000

Option 3: Rs 80,000

Option 4: None of the above

Question : A, B and C were in partnership sharing profits and losses in the ratio of 2:1:1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash Rs. 5,000 ) amounted to Rs. 88,000, assets realised Rs. 80,000 (including an unrecorded asset which realised Rs. 4,000). A contingent liability on account of bills discounted Rs. 8,000 was paid by the firm. The Capital Accounts of A, B and C showed a balance of Rs. 20,000 each.
Question:
The value of sundry liabilities are

Option 1: Rs 28,000

Option 2: Rs 24,000

Option 3: Rs 23,000

Option 4: Rs 20,000

Question : B and Y are equal partners of a firm. They decide to dissolve their partnership on 31st March 2019 at which date their value of sundry assets is Rs 1,04,000 and Y's loan is Rs 3,000
(a) The assets realised were: Rs. 80,500( except furniture )
(b) Y took Furniture at Rs. 9,000.
(c) B agreed to accept Rs. 2,500 in settlement of his Loan Account.
(d) Dissolution Expenses were Rs. 2,500.

Profit and loss on realization will be

Option 1: Profit on realization Rs 16,500

Option 2: Loss On realization Rs 16,500

Option 3: Profit on Realization Rs 8,500

Option 4: Loss on Realization Rs 8,500

Question : A and B were partners sharing profits and losses as to 7/11th to Amit and 4/11th to Sumit.
They dissolved the partnership on 30th May 2019. As of that date, their capitals were: A Rs. 7,000 and B Rs. 4,000. There were also due on Loan A/c to A Rs. 4,500 and to B Rs. 750. The other liabilities amounted to Rs. 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised Rs. 24,000.

Option 1: Loss on realization Rs 2,750

Option 2: Profit on Realization Rs 2,750

Option 3: Profit on Realization Rs 3,000

Option 4: Loss on realization Rs 3,000

Question : P, Q and R are partners sharing profits and losses in the ratio of 3: 3: 2. Their respective capitals are in their profit-sharing proportions. On 1st April, 2019, the total capital of the firm and the balance of General Reserve are Rs. 80,000 and Rs. 20,000 respectively. During the year 2019-20, the firm made a profit of Rs. 28,000 before charging interest on capital @ 5%. The drawings of the partners are P-Rs. 8,000; Q-Rs. 7,000; and R-Rs. 5,000. On 31st March, 2020, their liabilities wereRs. 18,000.
On this date, they decided to dissolve the firm. The assets realised Rs. 1,08,600 and realisation expenses amounted to Rs. 1,800.
Question:
Profit/loss on realization are

Option 1: Loss Rs 19,200

Option 2: Profit Rs 19,200

Option 3: Loss Rs 1,920

Option 4: Profit Rs 1,920