ABC a partnership firm was dissolved on 1-5-2020. A machine acquired on 1-5-2018 for ₹ 3,50,000 was distributed amongst the partners on dissolution for ₹ 3,00,000. The value of machinery as per books of account and Fair Market Value on 1-5-2020 was ₹ 2,50,000 and ₹ 4,00,000, respectively. What will be the full value of consideration of this machine?
A. ₹ 3,00,000
B. ₹ 4,00,000
C. ₹ 3,50,000 0
D. ₹ 2,50,000
Answer:B
ABC a partnership firm was dissolved on 1-5-2020. A machine acquired on 1-5-2018 for ₹ 3,50,000 was distributed amongst the partners on dissolution for ₹ 3,00,000. The value of machinery as per books of account and Fair Market Value on 1-5-2020 was ₹ 2,50,000 and ₹ 4,00,000, respectively. What will be the full value of consideration of this machine?
A. ₹ 3,00,000 B. ₹ 4,00,000 C. ₹ 3,50,000 0 D. ₹ 2,50,000