[CBSE] Q 11 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 11 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

The following is the Balance Sheet of A and B as at 31st March, 2024:

Liabilities	₹	Assets	₹
Mrs. A’s Loan	15,000	Cash	4,200
Mrs. B’s Loan	10,000	Bank	3,400
Trade Creditors	30,000	Debtors 30,000 Less: Provision 2,000	28,000
Bills Payable	10,000	Investments	10,000
Outstanding Expenses	5,000	Stock	40,000
A: Capital B: Capital	1,00,000 80,000	Truck	75,000
		Plant and Machinery	80,000
		B: Drawings	9,400
	2,50,000		2,50,000

Firm was dissolved on this date.

(i) Half the stock was sold at 10% less than the book value and the remaining half was taken over by A at 20% more than the book value.

(ii) During the course of dissolution, a liability under action for damages was settled at ₹ 12,000 against ₹ 10,000 included in the creditors.

(iii) Assets realised as follows:
Plant & Machinery – ₹ 1,00,000; Truck – ₹ 1,20,000; Goodwill was sold for ₹ 25,000; Bad Debts amounted to ₹ 5,000. Half the investments were sold at book value.

(iv) A promised to pay off Mrs. A’s Loan and took away half the investments at 10% discount.

(v) Trade Creditors and Bills Payable were due on average basis of one month after 31st March, but were paid immediately on 31st March, at 12% discount per annum.

Prepare necessary accounts.

[Ans. Gain on Realisation ₹ 86,800; Final Payment to A ₹ 1,29,900 and B ₹ 1,14,000; Total of Bank A/c ₹ 3,00,600]

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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