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On 31st December 2004 the assets and liabilities of a firm...

This question belongs to Commerce Accounting
Accounting
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On 31st December 2004, the assets and liabilities of a firm were Rs. 40,000 and Rs. 30,000 respectively. The firm was dissolved and a sum of 60 paisa per rupee was paid to the creditors. Profit/loss on realisation-

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Correct Answer: Option B
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