[CBSE] Q 36 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 36 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 36. Harish and Gopal were partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2024, their Balance Sheet was as follows:

Balance Sheet of Harish and Gopal
as at March, 31, 2024

Liabilities	₹	Assets	₹
Creditors	36,000	Cash	47,000
Outstanding Expenses	10,000	Bank	93,000
Gopal’s Wife’s Loan	50,000	Investments	76,000
Capitals Harish Gopal	2,80,000 1,60,000	Stock	2,00,000
		Furniture	20,000
		Leasehold Premises	1,00,000
	5,36,000		5,36,000

On the above date the firm was dissolved. Various assets were realized and liabilities were settled as under:

(I) Gopal agreed to pay his wife’s loan.

(ii) Leasehold premises realised ₹ 1,38,000.

(iii) Half of the creditors agreed to accept furniture of the firm as full settlement of their claim and remaining half agreed to accept 10% less.

(iv) 50% stock was taken over by Harish on payment by cheque of ₹ 90,000 and remaining stock was sold for ₹ 94,000.

(v) Realization expenses of ₹ 10,000 were paid by Gopal on behalf of the firm.

Prepare Realization Account.

[Ans. Gain on Realisation ₹ 11,800.]

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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