[CBSE] Q 40 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 40 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 40. The following is the Balance Sheet of X and Y as at 30th June, 2022.

Liabilities	₹	Assets	₹
Sundry Creditors	20,000	Goodwill	10,000
Bills Payable	20,000	Buildings	25,000
Bank Overdraft	8,000	Plant	25,000
Outstanding Expenses	2,000	Investments	15,300
X’s brother’s Loan	20,000	Stock	8,700
Y’s Loan	10,000	Debtors 17,000 Less: Provision 2,000	15,000
Investment Fluctuation Fund	2,800	Bills Receivable	10,000
Employee’s Provident Fund	1,200	Cash at Bank	13,000
General Reserve	2,000	Profit and Loss A/c (Dr. Balance)	4,000
X’s Capital Y’s Capital	20,000 20,000
	1,26,000		1,26,000

The firm was dissolved on 30th June, 2022 and the following arrangements were decided upon:

(a) X agreed to pay off his brother’s loan;

(b) Debtors realised ₹ 12,000;

(d) Other assets realised as follows:
Plant – ₹ 20,000, Building – ₹ 50,000, Goodwill – ₹ 6,000

(e) Sundry Creditors and Bills payable were settled at 5% discount, Y accepted stock at ₹ 8,000 and X took over Bills Receivable at 20% discount.

(f) Realisation Expenses amounted to ₹ 2,000.

You are required to pass Journal Entries.

[Ans. Gain on Realisation ₹ 9,800; Final Payment to X ₹ 35,900 and Y ₹ 3,900; Total of Bank A/c ₹ 1,01,000.]

Solution:-

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

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