Question

Q. 68. If total assets are 25,00,000; total liabilities are 22,00,000, amount teised on
sale of assets is 83,10,000 and realisation expenses are 22,000 what will be
the profit or loss on realisation?
Ans. Loss 1,92,000,

Answer 1

Answer:

(a) Realisation expenses of ₹ 15,000 were to be met by Rahul, a partner, but were paid by the firm. 

(b) Ramesh, a partner, was paid remuneration of ₹ 25,000 and he was to meet all expenses.

(c) Anuj, a partner, was paid remuneration of ₹ 20,000 and he was to meet all expenses. Firm paid an expense of ₹ 5,000.

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