Question 1

Q.No.1 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionPass the journal entries for the following transactions in the instance of dissolution of a firm of Rajiv and Ramesh, after various assets (other than cash) and third party liabilities have been transferred to Realisation Account: (i) Commission to look after the realisation process of ₹15,000 is paid to Rajiv. (ii) Stock worth ₹10,000 earlier written off, realises ₹6,000. (iii) Expenses on dissolution amounting to ₹5,500 are jointly paid by the partners' Rajiv and Ramesh. (iv) Unrecorde

Question 2

Q.No.2 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionPass necessary Journal entries for the following transactions on the dissolution of the firm of K and L after various assets (other than cash) and outside liabilities have been transferred to Realisation Account: (i) Bank Loan ₹15,000 was paid. (ii) Stock worth ₹20,000 was taken over by a partner L. (iii) K paid ₹9,000 to a creditor. (iv) A liability not appearing in the books was settled at ₹3,700. (v) Expenses of realisation ₹900 were paid by partner L. (vi) Loss on realisation ₹7,100

Question 3

Q.No.3 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionRaman and Richa were partners in a firm sharing profits in the ratio of 7 : 3. On 31st March, 2018 the Balance Sheet of the firm was as follows:Liabilities₹Assets₹
        Capitals: Raman 7,00,000, Richa 3,00,00010,00,000Land and Building7,50,000
        Sundry Creditors1,75,000Furniture1,20,000
        Debtors1,32,000
        Stock1,03,000
        Cash70,000
        Total11,75,000Total11,75,000The firm was dissolved on 1st April, 2018 and the assets and liabilities were settled as follo

Question 4

Q.No.4 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionSudha and Joshi were partners in a firm sharing profits in the ratio of 3 : 7. On 31st March, 2018 their Balance Sheet was as follows:Liabilities₹Assets₹
        Capitals: Sudha 3,00,000, Joshi 7,00,00010,00,000Land and Building6,00,000
        Creditors2,77,000Machinery5,00,000
        Profit and Loss Account1,23,000Stock40,000
        Debtors2,00,000
        Bank60,000
        Total14,00,000Total14,00,000The firm was dissolved on 1st April, 2018 and the assets and liabilities were sett

Question 5

Q.No.5 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionP and Q were partners in a firm sharing profits in the ratio of 3 : 2. On 31st March, 2018 their Balance Sheet was as follows:Liabilities₹Assets₹
        Capitals: P 80,000, Q 70,0001,50,000Goodwill80,000
        Creditors50,000Land and Building80,000
        Workmen Compensation Reserve80,000Stock60,000
        Debtors40,000
        Bank20,000
        Total2,80,000Total2,80,000The firm was dissolved on 1st April, 2018 and the Assets and Liabilities were settled as follows: (i) Creditors

Question 6

Q.No.6 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionHema and Garima were partners in a firm sharing profits in the ratio of 3:2. On 31st March, 2015, their Balance Sheet was as follows:Liabilities₹Assets₹
        Creditors36,000Bank40,000
        Garima's Husband's Loan60,000Debtors76,000
        Hema's Loan40,000Stock2,00,000
        Capitals: Hema 2,00,000, Garima 1,00,0003,00,000Furniture20,000
        Leasehold Premises1,00,000
        Total4,36,000Total4,36,000On the above date, the firm was dissolved. The various assets were realise

Question 7

Q.No.7 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionE and F were partners in a firm sharing profits in the ratio of 7 : 3. On 29th February, 2016 the firm was dissolved. After transferring assets (other than cash) and outsiders' liabilities to realisation account, you are given the following information: (a) A creditor for ₹3,00,000 accepted building valued at ₹3,75,000 and paid the firm ₹75,000. (b) A second creditor for ₹93,000 accepted stock valued at ₹90,000 in full settlement of his claim. (c) A third creditor amounting to ₹60,000 ac

Question 8

Q.No.8 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionParul, Payal and Priyanka are partners. They decided to dissolve their firm. Pass necessary journal entries for the following after various assets (other than Cash and Bank) and third party liabilities have been transferred to Realisation Account: (i) There were total Debtors of ₹76,000. A Provision for Doubtful Debts also stood in the books at ₹6,000. ₹12,000 Debtors proved bad and rest paid the amount due. (ii) Parul agreed to pay off her husband's loan of ₹7,000 at a discount of 5%. (

Question 9

Q.No.9 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions of the partnership firm of Deepak and Ashish: (i) Realisation expenses paid ₹1,500. (ii) Realisation expenses paid by Ashish ₹2,500. (iii) Ashish looked after the dissolution of the firm and was thus allowed a commission of ₹2,000. (iv) Realisation expenses are to be borne by Ashish for which he was paid ₹1,000. The actual expenses paid by Ashish were ₹1,500. (v) Ashish is to receive ₹2,000 for looking after dissolution of the firm. However actual ex

Question 10

Q.No.10 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionJournalise the following transactions in connection with the dissolution of the partnership firm of A and B: (i) Realisation expenses paid ₹1,200. (ii) Realisation expenses paid by A ₹1,200. (iii) A was asked to look into the dissolution of firm for which he was allowed a commission of ₹1,000. (iv) Realisation expenses are to be borne by A for which he was paid ₹1,000. The actual expenses incurred by A were ₹1,200. (v) A is to get ₹1,000 for dissolution work. But the actual expenses ₹1,2

Question 11

Q.No.11 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionPass necessary journal entries on the dissolution of a partnership firm in the following cases: (i) Dissolution expenses were ₹800. (ii) Dissolution expenses ₹800 were paid by Prabhu, a partner. (iii) Geeta, a partner, was appointed to look after the dissolution work, for which she was allowed a remuneration of ₹10,000. Geeta agreed to bear the dissolution expenses. Actual dissolution expenses ₹9,500 were paid by Geeta. (iv) Janki, a partner, agreed to look after the dissolution work for

Question 12

Q.No.12 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionPass necessary journal entries on the dissolution of a partnership firm in the following cases: (i) Expenses of dissolution ₹500 were paid by John, a partner. (ii) Joney, a partner, agreed to bear the dissolution expenses for a commission of ₹750. Actual dissolution expenses ₹650 were paid by Joney. (iii) Bony, a partner, agreed to look after the dissolution work for a remuneration of ₹3,700. He also agreed to bear the dissolution expenses. Actual dissolution expenses ₹4,200 were paid by

Question 13

Q.No.13 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionCharu and Palak are partners in a firm and they decided to dissolve the partnership as on 31st March, 2018. On that day, their Balance Sheet was as follows:Liabilities₹Assets₹
        Capitals: Charu 10,000, Palak 20,00030,000Building17,000
        Creditors10,000Machinery8,000
        Furniture2,000
        Stock4,500
        Sundry Debtors5,500
        Cash at Bank3,000
        Total40,000Total40,000Charu decided to take over machinery at ₹7,500 while Palak took over building at ₹18,00

Question 14

Q.No.14 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionA, B and C are partners who share profits and losses in the ratio 3:2:1. They decided to dissolve the partnership firm on 31st March, 2018. Their Balance Sheet at this date is as follows:Liabilities₹Assets₹
        Capitals: A 10,000, B 1,000, C 7,20018,200Goodwill2,000
        Creditors8,800Machinery10,000
        Stock4,000
        Debtors7,800
        Cash3,200
        Total27,000Total27,000A took over the Machinery at ₹8,000. Amounts realised from Debtors ₹6,300; Stock ₹3,600 and Goo

Question 15

Q.No.15 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionA, B and C are in partnership sharing profits and losses in the proportion of 4:3:2. Their Balance Sheet as at 31st March, 2018 stood as follows:Liabilities₹Assets₹
        Capitals: A 4,000, B 2,000, C 5006,500Machinery5,500
        Creditors3,500Stock2,000
        Debtors1,000
        Cash1,500
        Total10,000Total10,000They agree to dissolve partnership on 31st March, 2018. A agreed to take over the stock at a valuation of ₹1,500 and the debtors at a valuation of ₹700 (no cash pas

Question 16

Q.No.16 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionD, E and F sharing profits in the proportion of 3:2:1 agreed upon dissolution of the firm. D was appointed to realise the assets and pay off the liabilities for which he was entitled to a lump sum amount of ₹1,000. The Balance Sheet of the firm on 31st March, 2018 was as follows:Liabilities₹Assets₹
        Capital Accounts: D 50,000, E 20,00070,000Machinery40,500
        Creditors18,500Stock7,500
        Investment Fluctuation Reserve6,000Investments20,000
        Debtors 9,300 less Prov

Question 17

Q.No.17 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionDeepali and Rajshri are partners in a firm sharing profits and losses in the ratio of 3:2. They decided to dissolve their firm on 31st March, 2017, when their Balance Sheet was as under:Liabilities₹Assets₹
        Capitals: Deepali 17,500, Rajshri 10,00027,500Freehold Property16,000
        Sundry Creditors2,000Investments4,000
        Profit and Loss Account1,500Sundry Debtors4,000
        Stock2,000
        Bank3,000
        Cash2,000
        Total31,000Total31,000Deepali took over the

Question 18

Q.No.18 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionA, B and C were partners sharing profits in the ratio of 2:2:1. On 1st April, 2018 their Balance Sheet was as follows:Liabilities₹Assets₹
        Sundry Creditors12,000Cash at Bank12,200
        General Reserve5,000Debtors 8,000 less Provision 2007,800
        Capitals: A 15,000, B 12,000, C 6,00033,000Stock6,000
        Furniture2,000
        Building22,000
        Total50,000Total50,000The firm was dissolved on that date. The assets realised as under: Debtors ₹7,000; Stock ₹5,000; Furn

Question 19

Q.No.19 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionS, T and U were partners in a firm sharing profits in the ratio of 3:2:1. They agreed to dissolve the firm on 1st April, 2018. On that day, their Balance Sheet stood as under:Liabilities₹Assets₹
        Capitals: S 40,000, T 32,00072,000Machinery62,500
        Mrs. T's Loan10,000Investments35,000
        Creditors12,000Stock7,000
        Trade Payables11,000Debtors 6,500 less Prov. for D.D. 5006,000
        Investment Fluctuation Reserve15,000U's Capital8,000
        Cash at Bank1,500

Question 20

Q.No.20 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

Sarbjit Singh · Accepted Answer

QuestionVinod, Vijay and Venkat are partners sharing profits and losses in the ratio of 3:2:1. They decided to dissolve their firm on 31st March, 2018, when Balance Sheet was as under:Liabilities₹Assets₹
        Creditors17,000Bank3,500
        Bills Payable12,000Stock12,000
        Vinod's Loan5,300Debtors 15,000 less Provision for D/D 1,00014,000
        General Reserve6,000Computer4,000
        Capitals: Vinod 25,000, Vijay 11,000, Venkat 8,00044,000Furniture17,800
        Machinery33,000

Date	Particulars	Dr. (₹)	Cr. (₹)
(i)	Realisation A/c Dr. To Rajiv's Capital A/c (Being commission for realisation work paid to Rajiv)	15,000	15,000
(ii)	Bank A/c Dr. To Realisation A/c (Being stock (already written off) realised)	6,000	6,000
(iii)	Realisation A/c Dr. To Rajiv's Capital A/c To Ramesh's Capital A/c (Being dissolution expenses jointly paid by Rajiv and Ramesh)	5,500	2,750 2,750
(iv)	Realisation A/c Dr. To Ramesh's Capital A/c (Being unrecorded creditors paid by Ramesh)	6,700	6,700
(v)	Realisation A/c Dr. To Rajiv's Capital A/c To Ramesh's Capital A/c (Being profit on realisation transferred to the partners equally)	13,500	6,750 6,750

V K Accountancy Class 12-2021-22 - NPO and Partnership-Solution Solutions Chapter No. 6 Dissolution of a Partnership Firm

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Q.No.1 | Dissolution of a Partnership Firm | V K Accountancy Class 12 (NPO and Partnership)

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