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 : 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 : Peter and Harry, who were partners sharing profits and losses in the proportion of 4 / 7 and 3 / 7 respectively, decided to dissolve the partnership firm as of 31st March 2020. On the date of the dissolution, Peter's Capital was Rs. 1,25,030 and Harry's Capital was Rs. 2,070. Creditors amounted to Rs. 23,150 and Cash Rs. 4,520. The remaining assets realised Rs. 1,24,910 and the expenses of dissolution were Rs. 1,860. Both partners were solvent.
Question:
The value of sundry assets is

Option 1: Rs 1,50,250

Option 2: Rs 1,45,730

Option 3: Rs 1,50,000

Option 4: Rs 1,45,000

Question : B a partner took Stock-in-Trade at Rs. 70,000 and some of the Sundry Assets at Rs. 72,000 (being 10% less than book value). The Book value of sundry assets taken over by B is ----B's capital account will be ...

Option 1: Rs 80,000 Debited by Rs 1,34,800

Option 2: Rs 64,800 Credited by Rs 1,34,800

Option 3: Rs 80,000 Debited by Rs 1,42,000

Option 4: None of the above

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