[CBSE] Q 23 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 23 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 23. A, B and C were partners in a firm sharing profits & losses in the ratio of 2 : 2 : 1. The Balance Sheet of the firm at the date of dissolution was as follows:

Liabilities	₹	Assets	₹
Bank Overdraft	21,000	Debtors	40,000
Creditors	86,000	Stock	60,000
Provident Fund	18,000	Investments	25,000
Capital Accounts: A B	1,05,000 42,000	Machinery	80,000
		Prepaid Expenses	3,200
		Goodwill	38,800
		C’s Capital Account	25,000
	2,72,000		2,72,000

You are informed that:

(i) They appointed B to realise the assets. He is to receive 5% of the amounts realised from Debtors, Stock and Machinery, and is to bear all expenses of realisation.

(2) Bad Debts amounted to ₹ 2,000; Stock realised ₹ 36,000 and Machinery realised ₹ 46,000. There was an unrecorded asset of ₹ 10,000 which was taken over by A at ₹ 8,000.

(3) Market value of Investments was ascertained to be ₹ 20,000, and one of the creditors agreed to accept the Investments at this value, Remaining creditors were paid at a discount of ₹ 6,000.

(4) An office typewriter, not shown in the books of accounts, realised ₹ 20,000.

(5) There were outstanding expenses amounting to ₹ 6,000. These were settled for ₹ 4,500. Expenses of realisation met by B amounted to ₹ 2,000.

Prepare necessary accounts.

[Ans. Loss on Realisation ₹ 83,500; C brings in ₹ 41,700; Final Payment to A ₹ 63,600; and B ₹ 14,600. Total of Bank A/c ₹ 181,700.]

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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