[CBSE] Q 57 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 57 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 57. Vasudha and Dewan were partners in a firm sharing profits and losses in the ratio of 2 : 3. The firm was dissolved on 31st March, 2019. After transfer of assets (other than cash) and external liabilities to Realization Account, the following transactions took place:

(1) Investments of the face value of ₹ 60,000 were sold in the open market for ₹ 63,000 for which a commission of ₹ 700 was paid to the broker.

(2) Creditors worth ₹ 65,000 were settled by handing over the entire stock to them along with a payment of ₹ 23,000 by cheque.

(3) There was old furniture which had been completely written off from the books of the firm. It was taken over by Vasudha at ₹ 2,000.

(4) Dewan undertook to pay Ms. Dewan’s loan of ₹ 45,000.

(5) Dewan was appointed to look after the process of dissolution for which he was allowed a remuneration of ₹ 7,000. He agreed to bear the dissolution expenses. Actual expenses incurred by Dewan were ₹ 11,000, which were paid by the firm.

(6) Loss on realisation amounted to ₹ 9,000.

Pass the necessary journal entries to record 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)

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