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On dissolution of a firm , firm's Bal...

On dissolution of a firm , firm's Balance sheet total is Rs, 77,000 .On the assets side of the Balance sheet items were shown preliminary expenses Rs, 2,000, Profit & Loss Account (Debit )Balance Rs, 4,000 and cash Balance realised will be:

A

Rs, 69,200

B

Rs, 71,000

C

Rs,64,700

D

Rs, 62,900

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The correct Answer is:
C
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Parth, Raman and Zaisha are partners in a firm manufacturing furniture. They have been sharing profits and losses in the ratio of 5 : 3 : 2. From 1st April, 2017 they decided to share future profits and losses in the ratio of 2 : 5 : 3. Their Balance Sheet showed a debit balance of Rs. 4,000 in Profit & Loss Account, balance of Rs. 36,000 in General Reserve and a Balance of Rs. 12,000 in Workmen's Compensation Reserve. It was agreed that - (i) The goodwill of the firm be valued at Rs. 76,000. (ii) The Stock (book value of Rs. 40,000) was to be depreciated by 8% (iii) Creditors amounting to Rs. 900 were not likely to be claimed. (iv) Claim on account of Workmen's Compensation amounted to Rs. 20,000 (v) INvestments (book value Rs. 38,000) were revalued at Rs. 40,000. Pass necessary Jouranl entries for the above.

DK GOEL-DISSOLUTION OF A PARTNERSHIP FIRM-MULTIPLE CHOICE QUESTIONS
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  2. On dissolution of a firm , debtors were Rs. 17,000 Of these Rs, ...

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  3. In the Balance sheet Total debtors appear at Rs.50,000 and Prov...

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  4. How much amount will be paid to creditors for Rs, 25,000 if Rs, ...

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  5. P, a partner , is to bear all expenses of realisation for which he...

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  6. How much amount will be paid to A , If his opening capital is ...

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  7. Investments valued Rs, 2,00,000 were not shown in the books One o...

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  8. If creditors are Rs, 25,000 ,Capital is Rs, 1,50,000 and cash bala...

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  9. If opening capital of partners are A Rs, 3,00,000 ,B Rs, 2,00,000 a...

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  10. If total assets of a firm Are Rs, 12,00,000 and total libilities ar...

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  11. On dissolution of a firm , a partner's capital account has a cred...

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  12. On dissolution of a firm a partner took over Rs, 17,000 investment...

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  13. On dissolution of firm , which item is debited to the realisation...

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  14. At the time of dissolution of a firm , Creditors are Rs,70,000 ,P...

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  15. On dissolution of a firm , Debtors Rs, 17,000 were shown in the Bal...

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  16. X,Y,and Z are partners in a firm in the ratio of 4:3:2 Om firm '...

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  17. On dissolution of a firm , firm's Balance sheet total is Rs, 77,0...

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  18. On dissolution of a firm , partners' Capital accounts balance was ...

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  19. On Dissolution of firm ,a partner took- over the investments Of Rs...

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  20. Anu,Bina and charan are partners , the firm had given a loan of...

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