[CBSE] Q 56 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 56 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 56. Ravi and Mukesh were partners in a firm sharing profit and losses equally. On 31st March, 2019 their firm was dissolved. On the date of dissolution their Balance Sheet showed stock of ₹ 60,000 and Creditors of ₹ 70,000. After transferring stock and creditors to realisation account the following transactions took place:

(i) Ravi took over 40% of total stock at 20% discount.

(ii) 30% of total stock was taken over by creditors of ₹ 20,000 in full settlement.

(iii) Remaining stock was sold for cash at a profit of 25%.

(iv) Remaining creditors were paid in cash at a discount of 10%.

Pass necessary journal entries for the above transactions in the books of the firm.

Solution:-

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