[CBSE] Q 32 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)
Solution of Question number 32 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)
Q. 32. Angad, Raman and Harshit were partners in a firm. They decided to dissolve their firm. Pass necessary journal entries for the following after various assets (other than cash and bank) and the third party liabilities have been transferred to Realisation Account:
(I) There was a stock of ₹ 90,000. Raman took over 50% of the stock at 10% discount and remaining stock was sold at 40% profit on book value.
(ii) Profit and Loss A/c was showing a debit balance of ₹ 15,000 which was distributed among the partners.
(iii) A machinery which was not recorded in the books was sold for ₹ 2,000.
(iv) Angad was paid only ₹ 5,000 (in full settlement) for his loan to the firm which amounted to ₹ 5,500.
(v) Realisation expenses amounting to ₹ 5,000 paid by Harshit.
(vi) There were 100 shares of ₹ 10 each in DCM Ltd. acquired at a cost of ₹ 1,200 which had been written off completely from the books. These shares are valued at ₹ 9 each and divided among the partners in their profit sharing ratio.
Solution:-
