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

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

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

Liabilities	₹	Assets	₹
Creditors	30,000	Bank	15,000
Mrs. A’s Loan	20,000	Bills Receivable	12,000
Outstanding Salary	8,000	Stock	40,000
Investment Fluctuation Fund	10,000	Sundry Debtors 40,000 Less: Provision for Doubtful Debts 40,00	36,000
Reserves	12,000	Land and Buildings	50,000
Capital Accounts: A B C	60,000 40,000 20,000	Furniture	10,000
		Typewriters	7,000
		Investments	28,500
		Accrued Income	1,500
	2,00,000		2,00,000

The profit and loss sharing ratios of the partners are 3 : 2 : 1. At the above date, partners decide to dissolve the firm. The assets realised were as follows:

(i) Bills Receivable were realised at a discount of 5%, Debtors were all good; Stock realised ₹ 32,000. Land and Buildings realised at 40% higher than the book value.

(ii) Furniture was sold for ₹ 6,000 by auction and auctioneer’s commission amounted to ₹ 300.

(iii) Typewriters were taken over by A for an agreed valuation of ₹ 5,000.

(iv) Investments were sold in the open market at a price of ₹ 25,000, for which a commission of 2% was paid to the broker.

(v) Creditors agreed to accept 10% less. All other liabilities were paid off at their book value.

(vi) The firm retrenched their employees three months before the dissolution of the firm and the firm had to pay ₹ 25,000 as compensation. This liability was not appearing in the above Balance Sheet.

Close the books of the firm by preparing Realisation Account, Partner’s Capital Accounts, and Bank Account.

[Ans. Loss on Realisation ₹ 8,400; Final Payment to A ₹ 56,800; B ₹ 41,200 and C ₹ 20,600.]

Solution:-

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

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60