Question : On the basis of the following data, how much final payment will be made to a partner on firm’s dissolution?
The credit balance of Capital Account of the partner was Rs.50,000. The share of loss on realisation amounted to Rs.10,000.
Firm’s liability taken over by him was for Rs.8,000.
Option 1: Rs.48,000
Option 2: Rs.32,000
Option 3: Rs.40,000
Option 4: Rs.52,000
Correct Answer: Rs.48,000
Solution : Final Payment to the partner is -
Credit balance of Capital Account - Share of loss on realisation + Firm’s liability taken over by him i.e.
50000 - 10000 + 8000 = Rs.48000
Hence the Correct answer is Option 1.