Question

Furniture of Rs. 5,500 appears in the balance sheet on the date of dissolution of the Partnership firm, realised at a loss of 10% on Book value. Amount collected from furniture ____​

Answer 1

Given:  Furniture of Rs. 5,500

To Find: Amount collected from furniture

Explanation:

5,500 is the actual book amount

10% loss means

10% of 5,500

=> $\frac{10}{100}$ x 5,500

=  550

5,500 - 550 = 4950