[CBSE] Q 9 DK Goel Dissolution of a Partnership Firm Solutions Class 12 (2024-25)

Solution of Question number 9 of Dissolution of a Partnership Firm chapter 5 of DK Goel Class 12 CBSE (2024-25)

Anurag and Prem were partners sharing profits and losses in 2 : 1. On 31st March, 2023 their Balance Sheet was as follows:

Liabiliities	₹	Assets	₹
Sundry Creditors	60,000	Bank	83,000
Mrs Anurag’s Loan	80,000	Sundry Debtors 60,000 Less: Provision for Doubtful Debts 3,000	57,000
Anurag’s Loan	50,000	Stock	1,00,000
Workmen’s Compensation Reserve	1,20,000	Furniture	20,000
Investment Fluctuation Reserve	10,000	Plant	4,00,000
Profit and Loss	5,000	Investments	45,000
Capitals: Anurag Prem	3,50,000 45,000	Advertisement Expenses	15,000
	7,20,000		7,20,000

The firm was dissolved on the above date:

(i) Anurag took over 60% of the stock at a discount of 20%; 25% of the remaining stock was sold at a profit of 40% on cost; Remaining stock was found obsolete and realised nothing.

(ii) Firm had to pay ₹ 90,000 as compensation to workers.

(iii) Sundry Creditors took over investments in full settlement.

(iv) Sundry Debtors realised at 75% and plant realised 20% less.

(v) Prem agreed to take over the responsibility of completing dissolution work and he was given furniture as his remuneration.

(vi) Realisation expenses amounted to ₹ 10,000.

Prepare Realisation Account.

[Ans. Loss on Realisation ₹ 1,35,000.]

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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