Angle and Circle Ware Partners In A Firm. Their Balance Sheet Showed - Bzziii.com

Angle and Circle ware partners in a firm. Their Balance Sheet showed Furniture at ₹2,00,000; Stock at ₹1,40,000; Debtors at ₹1,62,000 and Credito

Angle and Circle ware partners in a firm. Their Balance Sheet showed 

Furniture at ₹2,00,000; 
Stock at ₹1,40,000; 
Debtors at ₹1,62,000 and 
Creditors at ₹60,000. 

Square was admitted and new profit-sharing ratio was agreed at 2:3:5. Stock was revalued at ₹1,00,000, Creditors of ₹15,000 are not likely to be claimed, Debtors for ₹2,000 have become irrecoverable and Provision for doubtful debts to be provided @ 10%. Angle’s share in loss on revaluation amounted to ₹30,000. Revalued value of Furniture will be: 

(A) ₹2,17,000 
(B) ₹1,03,000 
(C) ₹3,03,000 
(D) ₹1,83,000




(D) ₹1,83,000






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