0 votes
186 views
in Accountancy by (98.9k points)
edited

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:

(A) ₹2,17,000

(B) ₹1,03,000

(C) ₹3,03,000

(D) ₹1,83,000

1 Answer

0 votes
by (98.9k points)
selected by
 
Best answer

Correct option is (D) ₹1,83,000

Related questions

Doubtly is an online community for engineering students, offering:

  • Free viva questions PDFs
  • Previous year question papers (PYQs)
  • Academic doubt solutions
  • Expert-guided solutions

Get the pro version for free by logging in!

5.7k questions

5.1k answers

108 comments

506 users

...