[CBSE] Q 13 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 13 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Following is the Balance Sheet of Ramji Lal and Panna Lal as at 31st March, 2024:

Liabilities	₹	Assets	₹
Capitals: Ramji Lal Panna Lal	16,000 10,000	Goodwill	4,000
Reserves	3,600	Machinery	6,000
Workmen Compensation Reserve	2,000	Plant	12,800
Creditors	5,400	Debtors 10,800 Less: Provision 800	10,000
Bills Payable	2,600	Bank	6,800
	39,600		39,600

They decided to dissolve the firm. Assets are realised as follows:

(i) Machinery 10% less than book value; Plant ₹ 12,500 and Goodwill ₹ 2,520.

(ii) Ramji Lal is to take over Debtors amounting to ₹ 6,800 at ₹ 6,000, remaining Debtors were realised for 90% of the book value.

(iii) One bill of ₹ 600 under discount having been dishonoured had to be taken up by them.

(iv) The Bill payable of ₹ 2,600 to be assumed by Panna Lal at that figure.

(v) Creditors are paid off at a discount of 10%.

(vi) An amount of ₹ 2,500 had to be paid for Workmen Compensation.

(vii) The liquidation expenses amounted to ₹ 400.

You are required to show the Realisation Account, Capital Accounts and Bank Account.

[Ans. Loss on Realisation ₹ 3,740; Amount paid to Ramji Lal ₹ 9,930; Amount paid to Panna Lal ₹ 12,530; Bank Account Total ₹ 30,820.]

Hint: Entire amount of Workmen Compensation Reserve of ₹ 2,000 will be credited to Realisation Account.

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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