Question

37. Which of the following is correct profit or loss in case of the amount received from the sale of assets
is Rs. 50,000, total assets is Rs. 60,000, total liabilities Rs. 20,000 and realisation exp. Rs. 2000 ?
(a) Rs. 8000 loss
(b) Rs. 12,000 loss
(c) Rs. 32,000 proft (d) None of these
​

Answer 1

Answer:

D

Explanation:

32000 loss

Assets value 60000

Liabilities 20000

Realisation Exp. 2000

Total (60000+20000+2000 = 82000)

And Assets sold on Rs. 50000

So as a owner your assets value is 82000 but sold 50000

(82000 - 50000 = 32000)

Answer 2

From profit or loss in case of the amount received from the sale of assets  is Rs. 50,000, total assets is Rs. 60,000, total liabilities Rs. 20,000 and realisation exp. Rs. 2000 is Rs. 12,000 loss  

So, correct option is (b)

​Explanation:

This is the Problems of Dissolution of Partnership

In this we have to Prepare Relisation Account

Debit Side of Relisation Account

Sundry Assets             60,000

Sundry Expenses          2,000

Sundry Liabilities         20,000

Total of Debit Side =    82,000

Credit Side of Realisation Account

Sundry Liabilities                                        20,000

Bank (received from sale of fixed assets  50,000

Total of Crdit Side                                        70,000

If we deduct from Debit side -Credit side  

82,000-70,000 = 12,000

Hence,  this is the loss on realization which will be divided amongst the partners as per their agreed ratio.