[CBSE] Q 22 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 22 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 22. P, Q and R were partners in a firm sharing profits in the ratio of 1 : 2 : 2. Their Balance Sheet as at 31st March, 2024 was as follows:

Liabilities	₹	Assets	₹
Creditors	2,10,000	Land and Buildings	5,00,000
Bank Overdraft	50,000	Office Equipment	8,000
Q’s Loan	40,000	Stock	2,00,000
Capitals P Q R	1,00,000 2,00,000 2,00,000	Debtors 60,000 Less: Provision for Doubtful Debts 3,000	57,000
	8,00,000	Bank	35,000
	8,00,000		8,00,000

Partners agreed to dissolve the firm on that date. You are given the following information about dissolution:

(i) One of the Debtors for ₹ 20,000 paid ₹ 12,000 in full settlement of his account and debtors of ₹ 5,000 were proved bad.

(ii) Part of the stok was sold for ₹ 20,000 (being 25% more than the book value).

(iii) Office Equipment was accepted by the creditor for ₹ 7,000 in full settlement. Another creditor of ₹ 40,000 was paid only 40% in full settlement of his account and remaining creditors accepted remaining stock in full settlement of their account.

(iv) An unrecorded asset of ₹ 20,000 was handed over to an unrecorded liability of ₹ 15,000 in full settlement.

(v) Land & Buildings were sold at a loss of 20%.

(vi) Q’s Loan was settled by payment of ₹ 30,000.

(vii) Realisation expenses ₹ 16,000 were paid by R.

You are required to prepare the necessary accounts.

[Ans. Loss on Realisation ₹ 1,10,000; Final Payment to P ₹ 78,000; Q ₹ 1,56,000 and R ₹ 1,72,000; Total of Bank A/c ₹ 5,02,000.]

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

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60