Question : B a partner took Stock-in-Trade at Rs. 70,000 and some of the Sundry Assets at Rs. 72,000 (being 10% less than book value). The Book value of sundry assets taken over by B is ----B's capital account will be ...
Option 1: Rs 80,000 Debited by Rs 1,34,800
Option 2: Rs 64,800 Credited by Rs 1,34,800
Option 3: Rs 80,000 Debited by Rs 1,42,000
Option 4: None of the above
Correct Answer: Rs 80,000 Debited by Rs 1,42,000
Solution :
Answer =
Rs 80,000 Debited by Rs 1,42,000
Book value of sundry assets taken over by B Rs 80,000.
| Let the book value of sundry assets be | 100 |
| 10% less | (10) |
| Assets realised | 90 |
If the assets realised are 90, then the book value is Rs 100.
Assets realised= [$\frac{100}{90} \times 72000$]= Rs 80,000.
B's capital A/c Dr 1,42,000(70,000+72,000)
To Realisation a/c 1,42,000.
Hence, the correct option is 3.
