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### 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
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

### Explain the Role of ‘Justice Party’ in Boycotting of Council Elections | bzziii.com

Arun and Vijay are partners in a firm sharing profits and losses in the ratio of 5:1.  Balance Sheet (Extract)  Liabilities Amount (Rs.) Assets Amount (Rs.) Machinery 40,000 If the value of machinery reflected in the balance sheet is overvalued by 33 1/3%, find out the value of Machinery to be shown in the new Balance Sheet:  (A) ₹ 44,000  (B) ₹48,000  (C) ₹ 32,000  (D) ₹30,000  SOLUTION (D) ₹30,000  Explanation: Machinery is overvalued Value by 33 1/3% of 40,000 Here, 33 1/3% as a fraction = \frac{33\frac{1}{3}}{100} Converting the mixed fraction to an improper fraction, we get = \frac{\frac{100}{3}}{100}  = 100/300 Simplifying this, we get = 100/300 = 1/3 = 100/300 of z = 40,000-z Because, 40,000 is overvalued Value, we will minus the real value from 40,000. = "100x"/"300" + "300z"/"300" = 40,000 = "400z"/"300" = 40,000 = 40,000 \times 300/400 = z ∴ z = 30,000 4 5