Comprehension
Read the following case study and answer the question: Naina and Nayantara are Partners in a firm, sharing profits in ratio 3: 2. They decided to dissolve their firm on 31, March 2021 when their Balance-Sheet was as follows:
The Assets and liabilities were disposed off as follows:
(a) Machinery was given to creditors in full settlement of their amount and stock was given to Bills Payable in full settlement.
(b) Investment were taken over by Nayantara at book value.
(c) Debtors of book value ₹50,000 taken over by Naina at 10% less and remaining debtors realised ₹ 51,000.
(d) Realisation expenses amounted to ₹5,000.
| Liabilities Amt. | Amt. (₹) | Assets | Amt. (₹) |
| Capital: | Machinery | 80,000 | |
| Naina 1,00,000 | Investment | 50,000 | |
| Nayantara 80,000 | 1,80,000 | Stock | 22,000 |
| Creditors | 60,000 | Debtors | 1,03,000 |
| Bills payable | 20,000 | Cash at Bank | 5000 |
| 2,60,000 | 2,60,000 |
(a) Machinery was given to creditors in full settlement of their amount and stock was given to Bills Payable in full settlement.
(b) Investment were taken over by Nayantara at book value.
(c) Debtors of book value ₹50,000 taken over by Naina at 10% less and remaining debtors realised ₹ 51,000.
(d) Realisation expenses amounted to ₹5,000.
Question: 1
Amount of Debtors to be shown in Naina's capital A/c.
Amount of Debtors to be shown in Naina's capital A/c.
Updated On: Sep 23, 2024
- Cr. \(₹ 45,000\)
- Cr. \(₹ 50,000 \)
- Dr. \(₹ 45,000\)
- Dr. \(₹ 50,000\)
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The Correct Option is C
Solution and Explanation
The correct option is (C) :Dr. \(₹ 45,000\)
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Question: 2
Amount of Profit/Loss on Realisation is :
Amount of Profit/Loss on Realisation is :
Updated On: Sep 23, 2024
- \(₹ 20,400\) Loss
- \(₹ 13,600\) Profit
- \( ₹ 34,000\) Loss
- \(₹ 24,000\) Loss
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The Correct Option is C
Solution and Explanation
The correct option is (C) :\( ₹ 34,000\) Loss
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Question: 3
Journal entry for payment of realisation expense will be:
Journal entry for payment of realisation expense will be:
Updated On: Sep 23, 2024
- Bank/Cash A/c Dr. 5,000
To Realisation A/c 5,000
- Realisation A/c Dr. 5,000
To Naina's Capital A/c 3,000
To Nayantara's Capital A/c 2,000
- Naina's Capital A/c Dr. 3,000
Nayantara's Capital A/c Dr. 2,000
To Realisation A/c 5,000 - Realisation A/c Dr. 5,000
To Cash/Bank A/c. 5,000
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The Correct Option is D
Solution and Explanation
The correct option is (D) : Realisation A/c Dr. 5,000
To Cash/Bank A/c. 5,000
To Cash/Bank A/c. 5,000
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Question: 4
Net amount payable to Naina is :
Net amount payable to Naina is :
Updated On: Sep 23, 2024
- \( ₹14,600\)
- \( ₹14,600\)
- \( ₹14,600\)
- \( ₹14,600\)
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The Correct Option is A
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The correct option is (A) :\( ₹14,600\)
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Question: 5
Net amount payable to Nayantara is
Net amount payable to Nayantara is
Updated On: Sep 23, 2024
- \( ₹ 34,600 \)
- \( ₹16,400\)
- \( ₹20,400 \)
- \( ₹ 13,600 \)
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The Correct Option is B
Solution and Explanation
The correct option is (B) :\( ₹16,400\)
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