Question : Ram, Hari and Zalim are partners in a firm in the ratio of 3: 2: 1 On the firm's dissolution, the firm's total assets are Rs. 140,000, creditors are Rs. 30,000. Realization expenses are Rs. 2,000. Assets realised 15% more than the book value. Creditors were paid 2% more. For-profit/loss on realisation, Ram's capital account will be debited/credited with :
Option 1: Credit Rs.8,100
Option 2: Credit Rs. 9200
Option 3: Debit Rs. 9200
Option 4: Debit Rs. 2,400
Correct Answer: Credit Rs. 9200
Solution : Answer = credited by Rs 9200
Ram=$18400 \times \frac{3}{6}$=9,200. Hence, the correct option is 2.
Question : X, Y and Z are partners in a firm in the ratio of 4: 3: 2. On the firm's dissolution, the firm's total assets are Rs.4,00,000, and creditors are Rs.20,000. Realisation expenses are Rs.2,000. Assets realised 15% more than the book value. Creditors were paid 2% more. For-profit/loss on realisation, Y's capital account will be debited/credited with
Option 1: Credited Rs 8,100
Option 2: Debited Rs 19,200
Option 3: Credited Rs 19,200
Option 4: None of the above
Question : At the time of the dissolution of the firm, the firm's total assets were Rs 10,00,000. Creditors were Rs 2,00,000. Realization Expenses amounted to rs 20,000. Assets realized 20% more than the book value and creditors were paid 5% less. Gain/loss on realization will be.
Option 1: Gain Rs 1,90,000
Option 2: Loss Rs 1,80,000
Option 3: Gain Rs 9,60,000
Option 4: Loss Rs 2,00,000
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