Question 61:
Amrit, Bunny and Tony were partners sharing Profit &Loss in the ratio 5:3:2. Their firm was dissolved on March 31, 2025. On this date following assets and liabilities were appearing in their books of accounts: Building ₹ 2,00,000 ; Furniture ₹ 80,000 ; Stock ₹ 70,000 ; Goodwill ₹ 10,000 ; Debtors ₹ 40,000; Cash ₹ 20,000 ; Creditors ₹ 50,000 ; Amrit’s Loan ₹ 60,000 ; Tony’s Brother Loan ₹ 30,000. Assets realised for ₹ 3,40,000. Determine the amount of Realisation Gain/Loss.
- *Realisation Loss ₹ 60,000
- Realisation Gain ₹ 60,000
- Realisation Loss ₹ 80,000
- No Gain or Loss on Realisation
Question 62:
Jasmine and Sam were partners sharing Profit &Loss equally. They decided to share future Profit & Loss in the ratio 3:2. Their manager Aarav met with an accident in the office itself and his claim for compensation amounted to ₹ 50,000. The firm had a Workmen Compensation Reserve of ₹ 80,000. Which of the following statement holds true at the time of reconstitution?
- ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be distributed amongst partners in new ratio.
- *₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be distributed amongst partners in old ratio.
- ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be credited to Revaluation Account.
- ₹ 50,000 will be provided as workmen claim out of Workmen Compensation Reserve and balance ₹ 30,000 will be carried forward in the books of the firm without any treatment.