Gaurav and Sourav are partner of a firm their balance sheet on the dat...
Answer:Introduction
In this question, we need to find out the total amount realized from assets after the dissolution of the firm. The given information includes the combined balance of capital, credit balance, and debit balance of profit and loss account. We also know that assets are sold at a profit of Rs. 16,000.
Calculation of Total Amount Realized
To calculate the total amount realized from assets, we need to follow the below steps:
1. Calculate the total capital of the firm by adding the combined balance of capital and credit balance.
Total capital = Combined balance of capital + Credit balance
Total capital = Rs. 126,000 + Rs. 24,000
Total capital = Rs. 150,000
2. Add the profit earned by selling assets to the total capital.
Total amount realized = Total capital + Profit earned by selling assets
Total amount realized = Rs. 150,000 + Rs. 16,000
Total amount realized = Rs. 166,000
3. Subtract the debit balance of profit and loss account from the total amount realized.
Total amount realized = Total amount realized - Debit balance of profit and loss account
Total amount realized = Rs. 166,000 - Rs. 12,000
Total amount realized = Rs. 154,000
Therefore, the total amount realized from assets after the dissolution of the firm is Rs. 154,000.
Conclusion
In conclusion, we can say that the total amount realized from assets after the dissolution of the firm is Rs. 154,000. It is calculated by adding the total capital and profit earned by selling assets and then subtracting the debit balance of profit and loss account.