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Read the following information and answer the questions that follow:
Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.
On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:
₹
Raina's Capital 40,000 (Cr.)
Meena's Capital 20,000 (Dr.)
Profit & Loss Account 10,000 (Dr.)
Raina’s loan to the firm 15,000
Contingency Reserve 7,000
On the date of dissolution of the firm:
(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.
(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.
(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.
(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.
Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:
  • a)
    ₹5,000 each
  • b)
    ₹6,000 Raina and ₹4,000 Meena
  • c)
    ₹4,000 Raina and ₹6,000 Meena
  • d)
    Insufficient data
Correct answer is option 'A'. Can you explain this answer?
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Read the following information and answer the questions that follow:R...
S they share profit and losses equally so the undistributed loss will be debited to their capital account equally.
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Read the following information and answer the questions that follow:R...


Calculation of amount to be transferred to Partner's Capital Account:

Step 1: Calculate Raina's final capital balance
- Raina's capital (Cr.) = ₹40,000
- Raina's loan to the firm = ₹15,000
- Raina's share of loss in dissolution = ₹30,000 (₹60,000 loss shared equally)
- Raina's total = ₹40,000 + ₹15,000 - ₹30,000 = ₹25,000

Step 2: Calculate Meena's final capital balance
- Meena's capital (Dr.) = ₹20,000
- Meena's share of loss in dissolution = ₹30,000 (₹60,000 loss shared equally)
- Meena's total = ₹20,000 - ₹30,000 = -₹10,000

Step 3: Determine the amount to be transferred from Profit and Loss Account
- Difference between Raina and Meena's final capital balance = ₹25,000 - (-₹10,000) = ₹35,000
- As the loss in dissolution is ₹60,000, the amount to be transferred from Profit and Loss Account = ₹35,000 (as losses are shared equally)

Therefore, the amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is ₹5,000 each.
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Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer?
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Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer?.
Solutions for Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
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The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Read the following information and answer the questions that follow:Raina and Meena were partners in a firm sharing profits and losses equally. They dissolved their firm on 31st March, 2018.On this date, the Balance Sheet of the firm, apart from realizable assets and outside liabilities showed the following:₹Raina's Capital 40,000 (Cr.)Meena's Capital 20,000 (Dr.)Profit & Loss Account 10,000 (Dr.)Raina’s loan to the firm 15,000Contingency Reserve 7,000On the date of dissolution of the firm:(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.(b) The dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina who had to bear these expenses.(c) An unrecorded asset of ₹ 2,000 was taken over by Meena while Raina discharged an unrecorded liability of ₹ 3,000.(d) The dissolution resulted in a loss of 60,000 from the realization of assets and settlement of liabilities.Q. The amount of Profit and Loss Account to be transferred to the Partner’s Capital Account is:a)₹5,000 eachb)₹6,000 Raina and ₹4,000 Meenac)₹4,000 Raina and ₹6,000 Meenad)Insufficient dataCorrect answer is option 'A'. 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