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?

Dear Student,

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)

Loss = 2100×(51,000-L)

b) Second :

Collection Amount = 51,000-51,000×2100 = 49,980

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