on dissolution of a firm it's balance sheet revealed total creditors of rs 50000, total capital rs 48000cash balance rs 3000.it asset realised at12%less .what will be loss on relisation
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6
no loss because no adjustments are there in regard of assets book value and realised value
but for your satisfaction
there is loss of amount equal to 12 percent of books value of assets
but for your satisfaction
there is loss of amount equal to 12 percent of books value of assets
Answered by
34
Loss on revaluation will be 11400
As we know,
Assets=liability
Total Liability = total capital + creditors
= 50,000 + 48,000
= 98,000
Total Assets = cash + sundry assets
= 3,000 + 95,000(balancing figure)
Hence,
Loss on realisation = 95,000x12/100
= 11,400
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