question_answer

Vinod, Mohan and Rakesh are partners sharing profits and losses equally. Their capital balances on March, 31, 2019 are Rs.1,60,000; Rs.1,20,000 and Rs.80,000 respectively. Their personal assets are worth as follows: Vinod Rs.40,000; Mohan Rs.30,000 and Rakesh Rs.20,000. The extent of their liability in the firm would be:

A) Vinod Rs.1,60,000; Mohan 1,20,000 and Rakesh Rs.80,000

B) Vinod Rs.40,000; Mohan 30,000 and Rakesh Rs.20,000

C) Vinod Rs.2,00,000; Mohan 1,50,000 and Rakesh Rs.1,00,000

D) Equal (all three partners)