Question : The amount of sundry assets transferred to Realisation A/c was Rs.1,20,000, 50% of them have been sold at a profit of Rs.25,000. 30% of the remaining assets were sold at a discount of 12% and the remaining were taken over by X (Partner) at 25% above book value. At what value was the asset taken over by X?
Option 1: Rs.52,500
Option 2: Rs.42,000
Option 3: Rs.60,000
Option 4: None of the Above
Correct Answer: Rs.52,500
Solution : Calculation of Value of asset taken over by X.
Total value of asset transferred to realisation account = Rs.120000
Less : Sale 50% of 120000 = Rs.60000
Rs.60000
Less : Sale 30% of Rs.60000 = Rs.18000
Book value of Remaining Goods = Rs.42000
Add : 25% of Rs.42000 = Rs.10500
Hence goods taken over by X at Rs. = Rs.52500
Hence the correct answer is option 1.
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