On the day of dissolution of the firm ‘Roop Brothers’ had partner’s capital amounting to ₹ 1,50,000 external liabilities ₹ 35,000, Cash balance ₹ 8,000 and P & L A/c (Dr.) ₹ 7,000. If Realisation expense and loss on Realisation amounted to ₹ 5,000 and ₹ 25,000 respectively, the amount realised by sale of assets is ______.

Question

KollegeApply · Accepted Answer

On the day of dissolution of the firm ‘Roop Brothers’ had partner’s capital amounting to ₹ 1,50,000 external liabilities ₹ 35,000, Cash balance ₹ 8,000 and P & L A/c (Dr.) ₹ 7,000. If Realisation expense and loss on Realisation amounted to ₹ 5,000 and ₹ 25,000 respectively, the amount realised by sale of assets is ₹ 1,50,000. Explanation: Balance sheet Liabilities Amount (₹) Assets Amount (₹) External liabilities 35,000 Cash 8,000 Capital 1,50,000 P & L 7,000 Asset (B/f) 1,70,000 1,85,000 1,85,000 Dr. Realisation A/c Cr. Particulars Amount (₹) Particulars Amount (₹) To Asset A/c 1,70,000 By External liabilities A/c 35,000 To Cash A/c 5,000 By Cash (B/f) A/c 1,50,000 To Cash A/c 35,000 By Loss on partner’s capital A/c 25,000 2,10,000 2,10,000

AChoose Your Answer