Fixed Assets of Rs. 51,000 appear in the balance sheet on the date of dissolution of the firm, they realised at a loss of 2% on net collection.What amount is collected from such assets?
Either some information is missing from the question/the question is incorrect as basis the given condition we have two options :
a) First :
Realised amount at a 2% loss on net collection. So, let the loss on realisation = Rs L
So, Collection = (51,000-L)
b) Second :
Collection Amount =
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