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### On 01st December 2020 One of the Partners of the Firm Introduced Additional Capital of ₹30,000 - Bzziii.com

Question no.’s 39, 40 and 41 are based on the hypothetical situation given below.

On 1st September 2020, twenty students of Modern College started their Partnership Firm in the name of “Be Safe” for selling sanitisers on digital mode. Since they were good friends of each other, they were not having any explicit agreement in place. All of them have agreed to invest ₹15,000/- each as capital. The books were closed on 31st March 2021, on which date the following information was provided by the firm:

### 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