Question

UU,
21. Mr. Mohan Lal of Bombay commenced business on January 1, 2015 with a capital of 30,000. He filed a
#petition of insolvency on January 1, 2018. He suffered a loss of 3 70,000 during these three years of
operations. His drawings during the period amounted * 41,100. His assets consisted of the
following—Buildings 10,000 (estimated to produce 60%), Furniture 25,000 (estimated to produce
22,000).
His Life Policy has a surrender value of 5,000 (premium paid 10,000). House is valued at $6,000.
Bank overdraft of 1,10,000 is secured against the mortgage of house. Loan from Anil 5,000 is secured
against Building. Bills discounted for 5,000, expected to rank 1,000.
Mr. Mohan Lal is a Trustee of a property valued at * 5,000. He is also a reputed owner of goods valued at
8,000. His wife's ornaments are valued at * 10,000 (out of which ornaments of 2,000 purchased from
money received from her father and the remaining from the drawings of her husband). The household
unting :
effects are valued at $ 6,000.
of 5,00
Private Liabilities of Mr. Mohan Lal are valued at 15,000. Rent due to landlord for two months 500
ne person
and salary of a clerk unpaid * 600.
Prepare Statement of Affairs and Deficiency Account of Mr. Mohan Lal.
(Answer : Total of Statement of Affairs 1,28,550; Deficiency 79,400)
that day following information was
d fumit
000. Her​

Answer 1

Answer:

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