Question

On the basis of the following data, how much final payment will be made to a partner on firm's dissolution?

Credit balance of capital account of the partner was ₹ 50,000. Share of loss on realisation amounted to ₹ 10,000. Firm's liability taken over by him was for ₹ 8,000.

Options

• ₹ 32,000

• ₹ 48,000

• ₹ 40,000

• ₹ 52,000

Answer 1

₹ 48,000

Explanation:

Final payment made to partner 

= ₹ 50,000 (Capital) + ₹ 8,000 (Liabilities of firm taken over) - ₹ 10,000 (Share of loss on realisation)

= ₹ 48,000