[CBSE] Q 51 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 51 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Q. 51. E, F and G were partners in a firm sharing profits in the ratio of 2 : 2 : 1. On March 31, 2017, their firm was dissolved. On the date of dissolution, the Balance Sheet of the firm was as follows:

Liabilities	₹	Assets	₹
Capitals: E F	1,30,000 1,00,000	G’s Capital	500
Creditors	45,000	Profit & Loss Account	10,000
Outstanding Expenses	17,000	Land & Building	1,00,000
		Furniture	50,000
		Machinery	90,000
		Debtors	36,500
		Bank	5,000
	2,92,000		2,92,000

F was appointed to undertake the process of dissolution for which he was allowed a remuneration of ₹ 5,000. F agreed to bear the dissolution expenses. Assets realized as follows:

(i) The Land & Building was sold for ₹ 1,08,900.

(ii) Furniture was sold at 25% of book value.

(iii) Machinery was sold as scrap for ₹ 9,000.

(iv) All Debtors were realised at full value.

Creditors were payable on an average of 3 months from the date of dissolution. On discharging the Creditors on the date of dissolution, they allowed a discount of 5%.

Pass necessary Journal entries for dissolution in the books of the firm.

[Ans. Loss on Realisation ₹ 1,12,350; Net amount received from G ₹ 24,970 and Final Payment made to E ₹ 81,060 and F ₹ 56,060.]

Solution:-

Hint:-

(i) Payment made to creditors after deducting flat 5% as rate of interest is not given with 5% p.a., thus 3 months time period will not be considered.

Here are the solutions of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

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