Question : On dissolution of a firm, its Balance Sheet revealed total creditors Rs.50,000; Total Capital Rs.48,000; Cash Balance Rs.3,000. Its assets were realised at 12% less. Loss on realisation will be _________.
Option 1: Rs.11,800
Option 2: Rs.6,000
Option 3: Rs.11,400
Option 4: Rs.5,600
Correct Answer: Rs.11,400
Solution : Total balance of Liability side of Balance sheet = Total Capital + Total creditor i.e. 48000+50000 = 98000
Balance of Cash Rs.3000
Hence the Balnce figure of Rs. 95000 (98000-3000) Represent Assets.
Asset is sold less by 12%of its value, So cash Realised from asset is Rs.83600 (95000-12%)
Hence loss on Realosation will be Rs.98000-3000-83600= 11400
Hence the correct answer is option 3.
Question : On dissolution of a firm, its Balance Sheet revealed total creditors Rs.50,000; Total Capital Rs.48,000; Cash Balance Rs.3,000. Its assets were realised at 12% less. Loss on realisation will be ________.
Option 1: Rs.6,000
Option 2: Rs.11,400
Option 3: Rs.11,790
Option 4: Rs.3,600
Question : On dissolution of a firm, its Balance Sheet revealed total creditors of Rs.50,000; Total Capital of Rs.48,000; Cash Balance of Rs.3,000. Its assets were realized at 12% less. What will be the loss on realisation?
Option 1: Rs.11,600
Option 2: Rs.11,500
Option 4: Rs.15,400
Question : On dissolution of a firm, its balance sheet revealed total creditors of Rs 50,000. Total capital Rs 48,000, Cash balance Rs 3000. Its assets were realized at rs 12% less. The loss on realization will be.
Option 1: Rs 12,400
Option 2: Rs 11,400
Option 3: Rs 10,000
Option 4: None of the above.
Question : On dissolution of a firm, partners' capital accounts balance was Rs. 80,000 creditors balance was Rs. 12,000 and profit and loss account debit balance was Rs. 6,000. Profit on the realisation of assets was Rs. 7,800. The total amount realised from assets was :
Option 1: Rs 81,000
Option 2: Rs 76,800
Option 3: Rs 70,800
Option 4: Rs 93,800
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