[CBSE] Q 49 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 49 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 49. X, Y and Z decided to dissolve partnership. The position as at 31st December, 2023, the date of dissolution was as follows:

Liabilities	₹	Assets	₹
Creditors	20,000	Freehold Property	40,000
Bank Loan	5,000	Machinery	40,000
Capitals: X Y Z	70,000 40,000 20,000	Investments	16,000
Current Accounts: X Y	12,000 7,500	Stock	30,000
Reserve for Contingency	10,000	Debtors	30,000
Commission Received in Advance	6,000	Cash	10,000
		Loss in Business	20,000
		Current Account: Z	4,500
	1,90,500		1,90,500

They shared profits in the ratio of X: 1/2, Y: 3/10 and Z: 1/5.

X agreed to bear all realisation expenses. For this service X is paid ₹ 2,000. Actual expenses amounted to ₹ 3,200 which was withdrawn by him from the firm.

Other information are:

(1) Assets, with the exception of investments and Cash, are sold for ₹ 1,25,100. 75% of the investments are taken over by X at 75% of their book value. He also agrees to discharge the Bank Loan. The remaining investments were taken over by Y at the market value of 120%.

(2) There were outstanding expenses amounting to ₹ 5,000. These were settled for ₹ 2,000.

(3) A B/R for ₹ 10,000 was received from a customer Mr. Surender Kumar and the bill was discounted from the bank. Surender became insolvent and 75 paise per ₹ were received from his estate.

(4) Commission received in advance was returned to the customers after deducting 60% for work done.

You are required to prepare the necessary accounts.

[Ans. Loss on Realisation ₹ 20,000; Final Payment to X ₹ 61,800; Y ₹ 33,700 and Z ₹ 9,500; Total of Cash A/c ₹ 1,42,600.]

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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1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
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10	Question – 10

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48	Question – 48
49	Question – 49
50	Question – 50

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