Q. 4 X, Y and Z are partners in a firm. Y retires and his claim including his capital and his share of goodwill is R. 1,20,000. He is paid partly in cash and partly in kind. A vehicle at Rs. 60,000 unrecorded in the books of the firm and the balance in cash is given to him to settle his account. The amount of cash to be paid to Y will be:
a) Rs. 80,000
b) Rs. 60,000
c) Rs. 40,000
d) Rs. 30,000
Answers
Answered by
3
Answer:
b rs 60000
Explanation:
since his total claim is 1,20,000 and 60,000 has been given as car.
Answered by
2
Answer:
Vehicle is unrecorded in books, so it will be recorded first with the value of rs. 60,000 and this is revaluation profit for partners, and 20000 credited to Y. Total payment to be paid to Y is 1,40,000 (1,20,000+20,000). Vehicle is given to Y for 60,000, so balance paid in cash rs. 80,000.
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