[CBSE] Q 10 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)
Solution of Question number 10 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)
Q. 10. P, Q and R were partners in a firm sharing profits in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31st March 2024 was as follows:
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 1,20,000 | Land and Building | 5,00,000 |
| Outstanding Expenses | 10,000 | Office Equipment | 30,000 |
| Bank Overdraft | 20,000 | Stock | 3,50,000 |
| Q’s Loan | 50,000 | Investments | 50,000 |
| Capitals: P Q R | 2,00,000 4,00,000 4,00,000 | Debtors 2,00,000 Less: Provision for doubtful Debts 8,000 | 1,92,000 |
| Computer Software | 20,000 | ||
| Prepaid Expenses | 51,000 | ||
| Cash at Bank | 7,000 | ||
| 12,00,000 | 12,00,000 |
On the above date the firm was dissolved. You are given the following information:
(i) Office Equipment was accepted by a Creditors of ₹ 25,000 in full settlement.
(ii) Q’s Loan was paid alongwith unrecorded interest of ₹ 6,000.
(iii) Land and Building were realised at ₹ 6,00,000; Stock at 80% and debtors at 90%.
Prepare Realisation Account.
[Ans. Loss on Realisation ₹ 20,000.]
Solution:-
