X, Y, and Z are partners sharing profits and losses equally Their capital balances on March 31, 2012 are - Accountancy - Reconstitution- Admission of a Partner

Question

X, Y, and Z are partners sharing profits and losses equally Their
capital balances on March 31, 2012 are rs 80000, rs 60000, and rs
40000 respectively Their personal assets worth X- rs 20k, Y- rs 15k
and Z- 10k What is the extent of their liability to the firm?
Explain

Mehak Garg · Accepted Answer

X, Y, and Z are partners sharing profits and losses equally. Their capital balances on March 31, 2012 are rs. 80000, rs 60000, and rs 40000 respectively.Their personal assets worth X- rs 20k, Y- rs 15k and Z- 10k. What is the extent of their liability to the firm? Explain.