[CBSE] Q 17 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)
Solution of Question number 17 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)
Ashok and Kishore were in partnership sharing profits in the ratio of 3 : 1. They agreed to dissolve the firm. The assets (other than cash of ₹ 2,000) of the firm realised ₹ 1,10,000. The liabilities and other particulars of the firm on that date were as follows:-
| ₹ | |
| Creditors | 40,000 |
| Ashok’s Capital | 1,00,000 |
| Kishor’s Capital | 10,000 (Dr.) |
| Profit & Loss Account | 8,000 (Dr.) |
| Realisation Expenses were | 1,000 |
Creditors were settled in full settlement at ₹ 38,000. Prepare Realisation and Cash Account.
[Ans. Book value of Assets (other than cash) ₹ 1,20,000. Loss on Realisation ₹ 9,000. Final Settlement: Kishore brings in ₹ 14,250 and Ashok is paid ₹ 87,250; Total of Cash A/c ₹ 1,26,250.]
