Question : At the time of dissolution of partnership firm, balance sheet of XY is as follows:
Balance Sheet as on March 31, 2021
| Liabilities | Rs. | Assets | Rs. |
| Debtors 1,48,000 (-) Provision for debts (18,000) |
1,30,000 |
While preparing Realisation A/c "Debtors" should be written by _________.
Option 1: Rs.1,48,000
Option 2: Rs.18,000
Option 3: Rs.1,30,000
Option 4: None of the above
Correct Answer: Rs.1,48,000
Solution : Debtors should be written at its book value of Rs.1,48,000. Provision for doubtful debts will be credited to Realisation A/c. Hence, the correct option is 1.
Related Questions
Question :
| Debtors | 16,000 | |
| Less: Provision for Doubtful Debts | 800 | 15,200 |
1. Debtors of Rs. 1,000 be written off as it is no longer receivable.
2. Provision for Doubtful Debts be maintained at the existing rate.
Revaluation account will be
Option 1: Debited by Rs 750
Option 2: Debited by Rs 550
Option 3: Debited by Rs 950
Option 4: None of the above
Question :
| Sundry Creditors | 28,000 | Debtors 6,000 Less: Prov. for doubtful debts (400) |
5,600 |
| Bills Payable | 12,000 | Stock | 22,000 |
| Outstanding Salary | 2,200 |
Furniture |
41,000 |
| Provision for Legal Damages | 6,000 | Premises | 30,000 |
Premises are undervalued by 20%, stock is overvalued by 10% and provision for doubtful debts was to be made 5% on debtors. Further provision for legal damages is to be made for Rs.4,100 and furniture is to be brought up to Rs.45,000. Profit and loss on revaluation is ---------------
Option 1: Loss Rs 18,000
Option 2: Profit Rs 18,000
Option 3: Neither profit nor loss
Option 4: Profit Rs 10,000
Question : From the following information, :
| Particulars | Closing Balance (Rs) | Opening Balance (Rs) |
| Machinery (at cost) | 4,20,000 | 4,00,000 |
| Accumulated depreciation | 1,10,000 | 1,00,000 |
| Patents | 1,60,000 | 2,80,000 |
Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000
Question:
Value of machinery purchased________________
Option 1: Rs 60,000
Option 2: Rs 45,000
Option 3: Rs 25,000
Option 4: None of the above
Question : From the following information, :
| Particulars | Closing Balance (Rs) | Opening Balance (Rs) |
| Machinery (at cost) | 4,20,000 | 4,00,000 |
| Accumulated depreciation | 1,10,000 | 1,00,000 |
| Patents | 1,60,000 | 2,80,000 |
Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Value of patent purchased____________.
Option 1: Rs 40,000
Option 2: Rs 60,000
Option 3: Rs 20,000
Option 4: None of the above.
Question : From the following information, :
| Particulars | Closing Balance (Rs) | Opening Balance (Rs) |
| Machinery (at cost) | 4,20,000 | 4,00,000 |
| Accumulated depreciation | 1,10,000 | 1,00,000 |
| Patents | 1,60,000 | 2,80,000 |
Additional Information:
1. During the year, a machine costing Rs 40,000 with an accumulated depreciation of Rs 24,000 was sold for Rs 20,000.
2. Patents written off were Rs 40,000 and some patents were sold at a profit of Rs 20,000.
Question:
Value of patents sold ____________.
Option 1: Rs 40,000
Option 2: Rs 60,000
Option 3: Rs 1,00,000
Option 4: None of the above.
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