[CBSE] Q. 50 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2026-27)
Solution of Question number 50 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2026-27).
T, U and V were partners in a firm sharing profits and losses in the ratio of 2: 1: 2. Their firm was incurring huge losses thus it had to be closed on 31st March, 2023. After transferring assets (other than cash in hand and bank) and third party liabilities to realization account the following
transactions took place :
(i) T took away 50% of the stock at book value less 10% for 90,000, and the remaining stock was sold for 40,000.
(ii) Creditors of ₹85,000 took over machinery of₹ 1,00,000 in full settlement of their claim which was purchased on 1st January 2021 and was depreciated at 20% p.a. on written down value method.
(iii) 5,000 debtors previously written off were recovered.
(iv) Mrs. V’s loan of ₹72,000 was paid by the firm.
(v) T was to get a remuneration of10,000 for completing the dissolution process. Expenses incurred by him were ₹4,000.
Pass necessary journal entries for the above transactions in the books of T, U and И.
Solution:
