Let true value = x. Overvaluation of 3331% means book value = x+31x=34x.
So 34x=80,000 which gives x=80,000×43=60,000.
The correct value to be shown in the new Balance Sheet is Rs. 60,000.
Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1.
An extract of Balance Sheet as of 31st March 2022
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Furniture | 80,000 |
If the value of above furniture is overvalued by 3331%, choose the value of furniture to be shown in the new Balance Sheet out of the following:
Held on 15 Jul 2022 · Verified 13 Jul 2026.
Rs. 1,06,667
Rs. 60,000
Rs. 1,00,00
Rs. 26,667
Sign in to track your attempts and accuracy.
Sign in to keep a private note on this question. Nothing you write is ever public.
An unrecorded asset is taken over by a creditor in full settlement in such a case
The liability of partners is
As per AS-26 Intangible assets like goodwill should be written off.
Identify the correct statement from the given below :-
By virtue of which section of the Indian Partnership Act 1932, partnership is defined as 'the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'.
Work through every CUET UG Partnership PYQ, year by year.