[CBSE] Q 38 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)
Solution of Question number 38 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)
Q. 38. Srijan, Raman and Manan were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2017 their Balance Sheet was as follows:
Balance Sheet of Srijan, Raman and Manan
as at 31.3.2017
| Liabilities | ₹ | Assets | ₹ |
| Capitals: Srijan Raman | 2,00,000 1,50,000 | Capital: Manan | 10,000 |
| Creditors | 75,000 | Plant | 2,20,000 |
| Bills Payable | 40,000 | Investments | 70,000 |
| Outstanding Salary | 35,000 | Stock | 40,000 |
| Debtors | 60,000 | ||
| Accrued Interest | 7,000 | ||
| Prepaid Expenses | 3,000 | ||
| Bank | 10,000 | ||
| Profit and Loss Account | 80,000 | ||
| 5,00,000 | 5,00,000 |
On the above date they decided to dissolve the firm.
(I) Srijan was appointed to realise the assets and discharge the liabilities. Srijan was to receive 5% commission on sale of assets (except cash) and was to bear all expenses of realisation.
(ii) Assets were realised as follows:
Plant – ₹ 85,000
Stock – ₹ 33,000
Debtors – ₹ 47,000
(iii) Investments were realised at 95% of the book value.
(iv) The firm had to pay ₹ 7,500 for an outstanding repaid bill not provided for earlier.
(v) A contingent liability in respect of bills receivable, discounted with the bank had also materialised and had to be discharged for ₹ 15,000.
(vi) Expenses of realisation amounting to ₹ 3,000 were paid by Srijan.
Prepare Realisation Account, Partner’s Capital Accounts and Bank Account.
[Ans. Loss on Realisation ₹ 2,02,575; Cash brought in by Mohan ₹ 66,515; Final Payment to Srijan ₹ 98,545 and Raman ₹ 36,970; Total of Bank Account ₹ 3,08,015.]
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 |
