[CBSE] Q 5 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 5 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

A and B were partners sharing profits and losses in 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:

Liabilities	₹	Assets	₹
Sundry Creditors	2,10,000	Cash at Bank	60,000
A’s Loan @ 12% p.a.	50,000	Sundry Debtors 1,80,000 Less: Provision for Doubtful Debts 10,000	1,70,000
General Reserve	90,000	Stock	2,00,000
A’s Capital B’s Capital	4,00,000 2,50,000	Investments	1,50,000
		Plant & Machinery	4,00,000
		B’s Loan	20,000
	10,00,000		10,00,000

Partners decide to dissolve the firm on the above date. Assets and liabilities realised as follows:

(i) Plant & Machinery was taken over by A at 60% of the book value.

(ii) Investments were taken over by B at 120%.

(iii) Sundry Creditors were paid off by giving them stock at 75% of the books value and the balance in cash.

(iv) Debtors realised 20% less of the amount due from them.

(v) A’s loan was paid off with interest for six months.

(vi) Realisation expenses amounted to ₹ 1,000.

You are required to prepare:

(a) Realisation Account

(b) A’s Loan Account and B’s Loan Account.

(c) Partner’s Capital Accounts, and

(d) Bank Account.

[Ans. Loss on Realisation ₹ 2,10,000; Final Payment to A ₹ 80,000 and B ₹ 30,000; Total of Bank Account ₹ 2,24,000.]

Solution:-

Here are the solutions of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

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