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Angle and Circle were partners in a firm. Their Balance Sheet showed Furniture at ₹ 2,00,000; Stock at ₹ 1,40,000; Debtors at ₹ 1,62,000 and Creditors at ₹ 60,000. Square was admitted and new profit sharing ratio was agreed at 2 : 3 : 5. Stock was revalued at ₹ 1,00,000, Creditors of ₹ 15,000 are not likely to be claimed, Debtors for ₹ 2,000 have become irrecoverable and Provision for doubtful debts to be provided @ 10%.

Angle’s share in loss on revaluation amount to ₹ 30,000. Revalued value of Furniture will be

a) ₹ 2,17,000

b) ₹ 1,03,000

c) ₹ 3,03,000

d) ₹ 1,83,000

Anurag Pathak Changed status to publish June 1, 2023
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