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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Raina and Meena, equal partners, dissolved their firm on 31st March, 2025. Apart from realisable assets and outside liabilities, the Balance Sheet showed: Raina’s Capital ₹40,000 (Cr.); Meena’s Capital ₹20,000 (Dr.); Profit & Loss Account ₹10,000 (Dr.); Raina’s Loan to the Firm ₹15,000; General Reserve ₹7,000. On dissolution: (a) Raina’s loan was repaid by the firm along with interest of ₹500. (b) Dissolution expenses of ₹1,000 were paid by the firm on behalf of Raina. (c) An unrecorded asset of ₹2,000 was taken by Meena, while Raina paid an unrecorded liability of ₹3,000. (d) Dissolution resulted in a loss of ₹60,000 from the realisation of assets and settlement of liabilities. Prepare the Partners’ Capital Accounts.
PARTNERS’ CAPITAL ACCOUNTS
| Particulars | Raina | Meena | Particulars | Raina | Meena |
|---|---|---|---|---|---|
| To Profit and Loss A/c | 5,000 | 5,000 | By Balance b/d | 40,000 | – |
| To Realisation A/c (Expenses) | 1,000 | – | By General Reserve A/c | 3,500 | 3,500 |
| To Realisation A/c (Loss) | 30,000 | 30,000 | By Realisation A/c (Unrecorded liability paid) | 3,000 | – |
| To Realisation A/c (Asset taken) | – | 2,000 | |||
| To Balance b/d | – | 20,000 | |||
| To Bank A/c | 10,500 | – | By Bank A/c | – | 53,500 |
| Total | 46,500 | 57,000 | Total | 46,500 | 57,000 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "T.S. Grewal Class 12 Chapter 7 Q.38 - Dissolution of a Partnership Firm", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 7 - Dissolution of a Partnership Firm.
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