X, Y and Z are partners sharing profits and losses equally. Their capital balances on March. 31. 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows: X - ₹20,000, Y - ₹15,000 an
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · June 2013
X, Y and Z are partners sharing profits and losses equally. Their capital balances on March. 31. 2012 are ₹80,000, ₹60,000 and ₹40,000 respectively. Their personal assets are worth as follows: X - ₹20,000, Y - ₹15,000 and Z - ₹10,000. The extent of their liability in the firm would be —
Answer & Explanation:
Correct Answer: Option (C)
Correct answer: (C) X - ₹1,00,000: Y - ₹75,000: and Z - ₹50,000.
Topics: Fundamentals of Accounting
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