[CBSE] Q 22 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)
Solution of Question number 22 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)
Q. 22. 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 | 2,10,000 | Land and Buildings | 5,00,000 |
| Bank Overdraft | 50,000 | Office Equipment | 8,000 |
| Q’s Loan | 40,000 | Stock | 2,00,000 |
| Capitals P Q R | 1,00,000 2,00,000 2,00,000 | Debtors 60,000 Less: Provision for Doubtful Debts 3,000 | 57,000 |
| 8,00,000 | Bank | 35,000 | |
| 8,00,000 | 8,00,000 |
Partners agreed to dissolve the firm on that date. You are given the following information about dissolution:
(i) One of the Debtors for ₹ 20,000 paid ₹ 12,000 in full settlement of his account and debtors of ₹ 5,000 were proved bad.
(ii) Part of the stok was sold for ₹ 20,000 (being 25% more than the book value).
(iii) Office Equipment was accepted by the creditor for ₹ 7,000 in full settlement. Another creditor of ₹ 40,000 was paid only 40% in full settlement of his account and remaining creditors accepted remaining stock in full settlement of their account.
(iv) An unrecorded asset of ₹ 20,000 was handed over to an unrecorded liability of ₹ 15,000 in full settlement.
(v) Land & Buildings were sold at a loss of 20%.
(vi) Q’s Loan was settled by payment of ₹ 30,000.
(vii) Realisation expenses ₹ 16,000 were paid by R.
You are required to prepare the necessary accounts.
[Ans. Loss on Realisation ₹ 1,10,000; Final Payment to P ₹ 78,000; Q ₹ 1,56,000 and R ₹ 1,72,000; Total of Bank A/c ₹ 5,02,000.]
Solution:-
