Value of a Computer given in the balance sheet Rs.6,000. Market value of that computer is Rs.4,000. But nothing is mentioned in the question about the realized value of computer. How much realized value should be recorded?
Manik and Naman share the profits equally. They decided to dissolve their firm. Their liabilities were: Manik’s Capital ₹25,000; Naman’s Capital ₹30,000; Creditors ₹12,500; Bills payable ₹7,500; Assets of the firm realized ₹1, 00,000. Balance of cash/bank was nil in balance sheet. Find out profit on realisation.