[CBSE] Q 13 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)
Solution of Question number 13 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)
Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March, 2024:
| Liabilities | ₹ | Assets | ₹ |
| Capitals: Ramji Lal Panna Lal | 16,000 10,000 | Goodwill | 4,000 |
| Reserves | 3,600 | Machinery | 6,000 |
| Workmen Compensation Reserve | 2,000 | Plant | 12,800 |
| Creditors | 5,400 | Debtors 10,800 Less: Provision 800 | 10,000 |
| Bills Payable | 2,600 | Bank | 6,800 |
| 39,600 | 39,600 |
They decided to dissolve the firm. Assets are realised as follows:
(i) Machinery 10% less than book value; Plant ₹ 12,500 and Goodwill ₹ 2,520.
(ii) Ramji Lal is to take over Debtors amounting to ₹ 6,800 at ₹ 6,000, remaining Debtors were realised for 90% of the book value.
(iii) One bill of ₹ 600 under discount having been dishonoured had to be taken up by them.
(iv) The Bill payable of ₹ 2,600 to be assumed by Panna Lal at that figure.
(v) Creditors are paid off at a discount of 10%.
(vi) An amount of ₹ 2,500 had to be paid for Workmen Compensation.
(vii) The liquidation expenses amounted to ₹ 400.
You are required to show the Realisation Account, Capital Accounts and Bank Account.
[Ans. Loss on Realisation ₹ 3,740; Amount paid to Ramji Lal ₹ 9,930; Amount paid to Panna Lal ₹ 12,530; Bank Account Total ₹ 30,820.]
Hint: Entire amount of Workmen Compensation Reserve of ₹ 2,000 will be credited to Realisation Account.
Solution:-
