Question

Shweta, Sneha and Shariya were partners sharing profits in the ratio of 3 : 2 : 1. Shariya retired from the firm and her capital, after making adjustments for reserves and gain of revaluation amounted to Rs 4,50,000. Shariya took 25% of the furniture, accepted bill of exchange for Rs 52,000. Finally Rs 2,75,000 was transferred to her loan account. The total value of furniture was :

• A. Rs 2,38,000
• B. Rs 3,60,000
• C. Rs 3,68,000
• D. Rs 4,92,000

Hint:

When working backwards, carefully analyze what amounts were deducted and what they represent to correctly reconstruct the original total.

Answer 1

The Correct Option is A

Determining the Total Value of Furniture:andnbsp;
This calculation involves working backward from the information given about Shariya's retirement settlement to find the original value of the furniture.andnbsp;
Step 1: Calculate Value of Furniture taken by Shariya Capital After Adjustments = 4,50,000 Rs
Value of Bill Accepted by Shariya = Rs 52,000
Amount Transferred to Loan = Rs 2,75,000
Value of Furniture (25%) = Capital - Bill - Loan
\(=andgt;\)andnbsp;4,50,000 - 52,000 - 2,75,000 = Rs 1,23,000

Step 2: Calculate Total Value of Furniture:andnbsp;
If 25% is Rs 1,23,000, then:
100% = (1,23,000 / 25) * 100 = Rs 4,92,000

Therefore, the total value of the furniture was Rs 4,92,000