[CBSE] Q 7 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 7 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

The following was the Balance Sheet of X, Y and Z as at 28.2.2023:

Liabilities	₹	Assets	₹
Creditors	30,000	Bank	32,000
Bills Payable	10,000	Debtors	48,000
G’s Loan	18,000	Stock	19,000
Y’s Loan	20,000	Furniture	43,000
Workmen Compensation Reserve	33,000	Land and Building	1,09,000
Capitals: X Y	75,000 85,000	Z’s Capital	20,000
	2,71,000		2,71,000

The firm was dissolved on the above date on the following terms:

(i) Debtors realized ₹ 29,000 and creditors and bills payable were paid at a discount of 10%.

(ii) Stock was taken over by X for ₹ 17,000 and furniture was sold to K for ₹ 20,000.

(iii) Land and Building was sold for ₹ 2,98,000.

(iv) G’s Loan was paid by a cheque of the same amount.

(v) Compensation to workmen paid by the firm amounted to ₹ 15,000.

Prepare Realisation Account, Capital Accounts and Bank Account.

[Ans. Gain on Realisation ₹ 1,49,000. Final Payments : Y’s Loan ₹ 20,000; Capitals : X ₹ 1,13,667; Y ₹ 1,40,667; and Z ₹ 35,666. Total of Bank A/c ₹ 3,79,000.]

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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