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Reserves and Surplus

Omission of A...

Question

Omission of Assets or Liabilities can be easily traced with the help of _____________.

A

statement of Affairs

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B

profit and loss account

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C

balance sheet

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D

none of the above

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Solution

The correct option is C balance sheet
Balance Sheet is prepared by incorporating all the assets and liabilities. Hence if any item of asset or liability is missed out, this can be revealed through balance sheet.

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Q. K and A are partners in a firm. They share profits and losses in the ratio of 4:1. They decide to dissolve the firm. K Capital - Rs. 1,60,000, A Capital - Rs. 1,00,000, Total assets - Rs. 3,95,000, Total liabilities - Rs. 1,35,000. On dissolution assets realized Rs. 4,25,000 & liabilities settled at Rs. 1,10,000. Net profit or loss on realization will be __________ .

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