Question Description
Read the following information and answer the questions that follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 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 follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Read the following information and answer the questions that follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. Can you explain this answer?.

Solutions for Read the following information and answer the questions that follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. 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.

Here you can find the meaning of Read the following information and answer the questions that follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. 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 follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Read the following information and answer the questions that follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Read the following information and answer the questions that follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. 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 follows: Mehta and Menon were partners in a firm sharing profits and losses in the ratio of 7 : 3. They decided to dissolve firm on 31st March, 2016 on that date, their books showed the following ledger account balances :₹Sundry Creditors 27,000Profit & Loss A/c (Dr.) 8,000Cash in hand 6,000Bank Loan 20,000Bills Payable 5,000Sundry Assets 1,98,000Capital A/cs :Mehta 1,12,000Menon 48,000Additional information :(i) Bills payable falling due on 31st May, 2016 retired on the date of dissolution of the firm at a rebate of 6% per annum.(ii) The bankers accepted the furniture (included in sundry assets) having a book value of ₹18,000 in full settlement of the loan given by them.(iii) Remaining assets were sold for ₹ 1,50,000.(iv) Liability on account of outstanding salary not recorded in the books, amounting to ₹15,000 was met.(v) Menon agreed to take over the responsibility of completing the dissolution work to bear all expenses of realization at an agreed remuneration of ₹2,000. The actual realization expenses were ₹1,500 which were paid by the firm on behalf of Menon.Q. The loss on the realisation transferred to Menon’s Capital Account is:a)₹31,465b)₹13,485c)₹44,950d)₹15,000Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Commerce tests.