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. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be?
Verified Answer
. X, Y and Z are partners sharing profits and losses equally. Their ca...
Here's the solution to your question:
Let, total liability = x
Total capital balance
= (80000 + 60000 + 40000)
= 180000
Total personal assets of the firm
= (20000 + 15000 + 10000)
= 45000
we know, liability = capital - assets
X = 180000 - 45000
X = 135000
Therefore, X = 135000 = Liability
So, the final answer is 135000
This question is part of UPSC exam. View all Commerce courses
Most Upvoted Answer
. X, Y and Z are partners sharing profits and losses equally. Their ca...
Capital =assets - liability
use this formula u would get the answer
use this formula u would get the answer
Community Answer
. X, Y and Z are partners sharing profits and losses equally. Their ca...
Calculation of Total Assets
To find out the extent of their liability in the firm, we first need to calculate the total assets of the partnership. The total assets of the partnership will be the sum of the capital balances of the partners and their personal assets.
Total Assets = (Capital Balance of X + Capital Balance of Y + Capital Balance of Z) + (Personal Asset of X + Personal Asset of Y + Personal Asset of Z)
= (₹80,000 + ₹60,000 + ₹40,000) + (₹20,000 + ₹15,000 + ₹10,000)
= ₹2,25,000
Calculation of Liability
As per the partnership agreement, X, Y and Z are sharing profits and losses equally. Therefore, their share in the partnership will be equal to their capital balances.
Share of X = ₹80,000
Share of Y = ₹60,000
Share of Z = ₹40,000
Total Share = (Share of X + Share of Y + Share of Z)
= (₹80,000 + ₹60,000 + ₹40,000)
= ₹1,80,000
As the partners are sharing profits and losses equally, the extent of their liability will also be equal to their share in the partnership.
Extent of Liability = Total Assets - Total Share
= ₹2,25,000 - ₹1,80,000
= ₹45,000
Therefore, the extent of their liability in the firm would be ₹45,000.
To find out the extent of their liability in the firm, we first need to calculate the total assets of the partnership. The total assets of the partnership will be the sum of the capital balances of the partners and their personal assets.
Total Assets = (Capital Balance of X + Capital Balance of Y + Capital Balance of Z) + (Personal Asset of X + Personal Asset of Y + Personal Asset of Z)
= (₹80,000 + ₹60,000 + ₹40,000) + (₹20,000 + ₹15,000 + ₹10,000)
= ₹2,25,000
Calculation of Liability
As per the partnership agreement, X, Y and Z are sharing profits and losses equally. Therefore, their share in the partnership will be equal to their capital balances.
Share of X = ₹80,000
Share of Y = ₹60,000
Share of Z = ₹40,000
Total Share = (Share of X + Share of Y + Share of Z)
= (₹80,000 + ₹60,000 + ₹40,000)
= ₹1,80,000
As the partners are sharing profits and losses equally, the extent of their liability will also be equal to their share in the partnership.
Extent of Liability = Total Assets - Total Share
= ₹2,25,000 - ₹1,80,000
= ₹45,000
Therefore, the extent of their liability in the firm would be ₹45,000.
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. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be?
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. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about . X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for . X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be?.
. X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about . X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for . X, Y and Z are partners sharing profits and losses equally. Their capital balances on March, 31, 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows : X — ₹20,000, Y — ₹15,000 and Z — ₹10,000. The extent of their liability in the firm would be?.
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