Question

Angle and Circle ware 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 amounted to ₹30,000. Revalued value of Furniture will be?

Options

• ₹2,17,000

• ₹1,03,000

• ₹3,03,000

• ₹1,83,000

Answer 1

₹1,83,000