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Question

Following data appears in the books of XY & Co. as on 31.03.2003.
Capital account = Rs13,00,000
Drawings account = Rs12,000
Land & building account = Rs10,00,000
Goodwill account = Rs3,50,000
Suspense account(Dr) = Rs50,000
Loss by theft account = Rs20,000
Business loss = Rs50,000
Loan given to AB & Co = Rs60,000
What will be the amount of sundry creditors?

A
Rs.2,30,000
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B
Rs.1,72,000
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C
Rs.3,42,000
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D
Rs.2,42,000
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Solution

The correct option is D Rs.2,42,000
Liabilities Amount Assets Amount
Capital Account 1300000 Land & Building 1000000
Less: Goodwill 350000
Loss by theft- 20000 Suspense A/c 50000
Business Loss -50000 Loan given to AB & Co. 60000
Drawings -12000
Balance in Capital A/c 1218000
Sundry Creditors
(balancing figure)
242000
Total 1460000 Total 1460000

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