{"id":69942,"date":"2022-02-14T20:40:25","date_gmt":"2022-02-14T15:10:25","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=69942"},"modified":"2023-05-05T18:01:06","modified_gmt":"2023-05-05T12:31:06","slug":"c","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/","title":{"rendered":"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_37 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><label for=\"item\" aria-label=\"Table of 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style='display:block'><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/#NCERT_Solutions_for_Class_12_Accountancy_Chapter_5_Dissolution_of_Partnership_Firm\" title=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm\">NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/#TEST_YOUR_UNDERSTANDING_-I\" title=\"TEST YOUR UNDERSTANDING -I\">TEST YOUR UNDERSTANDING -I<\/a><\/li><li class='ez-toc-page-1 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href=\"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/#DO_IT_YOURSELF\" title=\"DO IT YOURSELF\">DO IT YOURSELF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/#SHORT_ANSWER_TYPE_QUESTIONS\" title=\"SHORT ANSWER TYPE QUESTIONS\">SHORT ANSWER TYPE QUESTIONS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/#LONG_ANSWER_TYPE_QUESTIONS\" title=\"LONG ANSWER TYPE QUESTIONS\">LONG ANSWER TYPE QUESTIONS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/infinitylearn.com\/surge\/study-material\/ncert-solution\/class-12\/accountancy\/ncert-solutions-for-class-12-accountancy-chapter-5-dissolution-of-partnership-firm\/#NUMERICAL_QUESTIONS\" title=\"NUMERICAL QUESTIONS\">NUMERICAL QUESTIONS<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_for_Class_12_Accountancy_Chapter_5_Dissolution_of_Partnership_Firm\"><\/span><span style=\"color: #00bdeb;\">NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"TEST_YOUR_UNDERSTANDING_-I\"><\/span><strong>TEST YOUR UNDERSTANDING -I<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Question 1<\/strong>. Dissolution of a partnership is different from dissolution of a firm.<br \/>\n<strong>Answer<\/strong> True<br \/>\nIn dissolution of partnership, business continues whereas in dissolution of firm, the business is closed.<\/p>\n<p><strong>Question 2<\/strong>. <strong>A partnership is dissolved when there is a death of a partner.<\/strong><br \/>\n<strong>Answer<\/strong> True<br \/>\nAs a new partnership deed is to be made.<\/p>\n<p><strong>Question 3<\/strong>. <strong>A firm is dissolved when all partners give consent to it.<\/strong><br \/>\n<strong>Answer<\/strong> True<br \/>\nAs all partners agree to it.<\/p>\n<p><strong>Question 4: A firm is compulsorily dissolved when a partner decide to retire.<\/strong><br \/>\n<strong>Answer<\/strong> False<br \/>\nThe remaining partners may continue the business hence, it not necessary to dissolve the firm.<\/p>\n<p><strong>Question 5. Dissolution of a firm necessarily involves dissolution of partnership.<\/strong><br \/>\n<strong>Answer<\/strong> True<br \/>\nWhen firm does not exist then partners have no business to do.<\/p>\n<p><strong>Question 6. A firm is compulsorily dissolved when all partners or when all except one partner become involvent.<\/strong><br \/>\n<strong>Answer<\/strong> True<br \/>\nAs the partner becomes incompetent to sign the contract.<\/p>\n<p><strong>Question 7. Court can order a firm to be dissolved when a partner becomes insane.<\/strong><br \/>\n<strong>Answer<\/strong> True<br \/>\nThe court can order for dissolution when any partner files a suit for it.<\/p>\n<p><strong>Question 8<\/strong>. Dissolution of partnership can not take place without intervention of the court.<br \/>\n<strong>Answer<\/strong> False<br \/>\nPartnership can be dissolved with the consent of the partners also.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"TEST_YOUR_UNDERSTANDING_-II\"><\/span><strong>TEST YOUR UNDERSTANDING -II<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u2022 Tick  the correct answer<\/strong><br \/>\n<strong>Question 1. On dissolution of a firm, bank overdraft is transferred to<\/strong><br \/>\n<strong> (a) cash account (b) bank account<\/strong><br \/>\n<strong> (c) realisation account (d) partner\u2019s capital account<\/strong><\/p>\n<p><strong>Answer<\/strong> (c) Realisation account<\/p>\n<p><strong>Question 2. On dissolution of a firm, partner\u2019s loan account is transferred to<\/strong><br \/>\n<strong> (a) realisation account (b) partner\u2019s capital account (c) partner\u2019s current account (d) None of these<\/strong><br \/>\n<strong>Answer<\/strong> (d) None of these<\/p>\n<p><strong>Question 3. After transferring liabilities like creditors and bills payables in the realisation account, in the absence of any information regarding then payment, such liabilities are treated as<\/strong><br \/>\n<strong> (a) never paid (b) fully paid (c) partly paid (d) None of these<\/strong><br \/>\n<strong>Answer<\/strong> (b) Fully paid<\/p>\n<p><strong>Question 5. Unrecorded assets when taken over by a partner are shown in<\/strong><br \/>\n<strong> (a) debit of realisation account<\/strong><br \/>\n<strong> (b) debit of bank account<\/strong><br \/>\n<strong> (c) credit of realisation account<\/strong><br \/>\n<strong> (d) dredit of bank account<\/strong><br \/>\n<strong>Answer<\/strong> (c) Credit of realisation account<\/p>\n<p><strong>Question 6. Unrecorded liabilities when paid are shown in<\/strong><br \/>\n<strong> (a) debit of realisation account<\/strong><br \/>\n<strong> (b) debit of bank account<\/strong><br \/>\n<strong> (c) credit of realisation account<\/strong><br \/>\n<strong> (d) credit of bank account<\/strong><br \/>\n<strong>Answer<\/strong> (a) Debit of realisation account<\/p>\n<p><strong>Question 7. The accumulated profits reserves are transferred to<\/strong><br \/>\n<strong> (a) realisation account (b) partners\u2019 capital account<\/strong><br \/>\n<strong> (c) bank account (d) None of these<\/strong><br \/>\n<strong>Answer<\/strong> (b) Partners\u2019 capital account<\/p>\n<p><strong>Question 8. On dissolution of the firm, partner\u2019s capital accounts are closed through<\/strong><br \/>\n<strong> (a) realisation account (b) drawings account<\/strong><br \/>\n<strong> (c) bank account (d) loan account<\/strong><br \/>\n<strong>Answer<\/strong> (c) Bank account<\/p>\n<h3><span class=\"ez-toc-section\" id=\"TEST_YOUR_UNDERSTANDING_-_III\"><\/span><strong>TEST YOUR UNDERSTANDING \u2013 III<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>\u2022 Fill in the correct word(s)<\/strong><br \/>\n<strong>1<\/strong>. All assets (except cash\/bank and fictitious assets) are transferred to the \u2014\u2014\u2014\u2014\u2014 (Debit\/Credit) side of \u2014\u2014\u2014\u2014\u2014\u2014\u2014 Account (Realisation\/Capital).<br \/>\n<strong>Answer:Answer Debit, Realisation<\/strong><\/p>\n<p><strong>2<\/strong>. All \u2014\u2014\u2014\u2014\u2014 (internal\/external) liabilities are transferred to the \u2014\u2014\u2014\u2014\u2014 (Debit\/Credit) side of \u2014\u2014\u2014\u2014\u2014\u2014acccount (Bank\/Realisation).<br \/>\n<strong>Answer External, Credit, Realisation<\/strong><\/p>\n<p><strong>3<\/strong>. Accumulated losses are transferred to \u2014\u2014\u2014\u2014\u2014 (Current\/Capital Accounts) in \u2014\u2014\u2014\u2014\u2014\u2014 (equal ratio\/profit sharing ratio).<br \/>\n<strong>Answer Capital account, Profit sharing ratio<\/strong><\/p>\n<p><strong>4<\/strong>. If a liability is assumed by a partner, such Partner\u2019s Capital Account is \u2013\u2013\u2013\u2013\u2013\u2013\u2013 \u2014\u2014\u2014 (debited\/credited)..<br \/>\n<strong>Answer Credited<\/strong><\/p>\n<p><strong>5<\/strong>. If a partner takes over an asset, such (Partner\u2019s Capital Account) is \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 (debited\/credited).<br \/>\n<strong>Answer Debited<\/strong><\/p>\n<p><strong>6<\/strong>. No entry is required when a \u2014\u2014\u2014\u2014\u2014\u2014\u2014 (partner\/creditor) accepts a fixed asset in payment of his dues.<br \/>\n<strong>Answer Creditor<\/strong><\/p>\n<p><strong>7<\/strong>. When creditor accepts an asset whose value is more than the amount due to him, he will \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 (pay\/not pay) the excess amount which will be credited \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 Account.<br \/>\n<strong>Answer Pay, Realisation<\/strong><\/p>\n<p><strong>8<\/strong>. When the firm has agreed to pay the partner a fixed amount for realisation work irrespective of the actual amount spent, such fixed amount is debited to (Realisation\/Capital) Account and Credited to (Capital\/Bank) Account.<br \/>\n<strong>Answer Realisation, Capital<\/strong><\/p>\n<p><strong>9<\/strong>. Partner\u2019s loan is \u2014\u2014\u2014\u2014\u2014\u2014 (recorded\/not recorded) in the (Realisation Account).<br \/>\n<strong>Answer Not recorded<\/strong><\/p>\n<p><strong>10<\/strong>. Partner\u2019s current accounts are transferred to respective \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 Partners\u2019 (Loan\/Capital) Accounts.<br \/>\n<strong>Answer Capital<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"DO_IT_YOURSELF\"><\/span><strong>DO IT YOURSELF<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Question 1. For closure of assets accounts.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\nRealisation A\/c Dr<br \/>\nTo Assets A\/c<\/p>\n<p><strong>Question 2. For closure of liabilities accounts.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\nLiabilities A\/c Dr<br \/>\nTo Realisation A\/c<\/p>\n<p><strong>Question 3. For sale of assets.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\nBank A\/c Dr<br \/>\nTo Realisation A\/c<\/p>\n<p><strong>Question 4. For settlement of a creditor by transfer of fixed assets to him.<\/strong><br \/>\n<strong>Answer<\/strong> No entry<\/p>\n<p><strong>Question 5. For expenses of realisation when actual expenses are paid by the partner on behalf of the firm.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\nRealisation A\/c Dr<br \/>\nTo Partner\u2019s Capital A\/c<\/p>\n<p><strong>Question 6. When a partner discharges the liability of the firm.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\nRealisation A\/c Dr<br \/>\nTo Partner\u2019s Capital A\/c<\/p>\n<p><strong>Question 7. For payment of partner\u2019s loan.<\/strong><br \/>\n<strong>Answer<\/strong> Partner\u2019s Loan A\/c Dr<br \/>\nTo Bank A\/c<\/p>\n<p><strong>Question 8. For settlement of capital accounts.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\nPartner\u2019s Capital A\/c Dr<br \/>\nTo Bank A\/c<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SHORT_ANSWER_TYPE_QUESTIONS\"><\/span><strong>SHORT ANSWER TYPE QUESTIONS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Question 1. State the difference between dissolution of Partnership and Dissolution of Partnership firm.<\/strong><br \/>\n<strong>Answer<\/strong> The difference between the Dissolution\u2019 of Partnership and Dissolution of Partnership Firm is as follows.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118847\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q1\" width=\"481\" height=\"280\" \/><\/p>\n<p><strong>Question 2. State the accounting treatment for<\/strong><br \/>\n<strong> (i) Unrecorded assets (ii) Unrecorded liabilities.<\/strong><br \/>\n<strong>Answer<\/strong> <strong>(i)<\/strong> Accounting Treatment for Unrecorded Assets Unrecorded asset is an asset, which have not been shown in the books of account or which has been written off in the books of accounts, but the asset is still available in physical condition. Sometimes it is sold outside for cash and sometimes it is taken away by the partner. The accounting treatment for unrecorded asset will be there according to the situation.<br \/>\n<strong>(a)<\/strong> When the unrecorded asset is sold for cash the following Journal Entry will be there<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118851\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q2\" width=\"487\" height=\"86\" \/><br \/>\n<strong>(b)<\/strong> When the unrecorded asset is taken over by any partner the following Journal Entry will be there<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118848\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q2.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q2.1\" width=\"487\" height=\"101\" \/><br \/>\n<strong>(ii)<\/strong> Accounting Treatment for Unrecorded Liabilities Unrecorded liabilities are those liabilities, which have not been shown in the books of account. But at the time of dissolution they are required to be paid off. The following Journal Entry will be there as per situation.<br \/>\n<strong>(a)<\/strong> When the unrecorded liability is paid off the following Journal Entry will be there<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118849\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q2.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q2.2\" width=\"486\" height=\"82\" \/><\/p>\n<p><strong>(b)<\/strong> When the unrecorded liability is taken over by a partner. The following Journal Entry will be there<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118850\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q2.3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q2.3\" width=\"481\" height=\"96\" \/><\/p>\n<p><strong>Question 3. On dissolution, how will you deal with partner\u2019s loan if it appears on the<\/strong><br \/>\n<strong> (a) assets side of the balance sheet,<\/strong><br \/>\n<strong> (b) liabilities side of balance sheet.<\/strong><br \/>\n<strong>Answer (a)<\/strong> When loan amount is shown in the assets side of the balance sheet, it indicate that the loan has been granted by the firm to the partner. In that case, at the time of dissolution the amount of loan will be transferred to the concerned partner\u2019s capital account. The following Journal Entry will be passed<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118853\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q3\" width=\"483\" height=\"101\" \/><br \/>\n<strong>(b)<\/strong> When the amount of loan appears in the liabilities side of the balance sheet, it indicate that the respective partner or partners have given loan to the firm. In this case, partner\u2019s loan will be paid off after paying all the external liabilities first. Here, it is worth mentioning that the partner\u2019s loan will not be transferred to the realisation account, in fact, it will be paid in cash. The following accounting entry will be passed in this regard<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118852\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q3.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q3.1\" width=\"491\" height=\"85\" \/><\/p>\n<p><strong>Question 4. Distinguish between Firm\u2019s Debts and Partner\u2019s Private Debts.<\/strong><br \/>\n<strong>Answer<\/strong> The difference between Firm\u2019s Debts and Partner\u2019s Private Debts is as follows<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118854\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q4.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q4\" width=\"484\" height=\"172\" \/><\/p>\n<p><strong>Question 5. State the order of settlement of accounts on dissolution.<\/strong><br \/>\n<strong>Answer<\/strong> In case of dissolution of a firm, the firm ceases to conduct business and has to settle its accounts. For this purpose, it disposes off all its assets for satisfying all the claims against it. In this context, it should be noted that, subject to agreement among the partners, the following rules as provided in Section 48 of the Partnership Act, 1932 shall apply. As per those rules, the following order of settlement will be followed.<br \/>\n<strong>(i)<\/strong> Treatment of Losses<br \/>\nNote Losses, including deficiencies of capital, shall be paid<br \/>\n(a) First out of profits,<br \/>\n(b) Next out of capital of partners, and<br \/>\n(c) Lastly, if necessary, by the partners individually in their profits sharing ratio.<\/p>\n<p><strong>(ii)<\/strong> Application of Assets The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner and order<br \/>\n(a) In paying the debts of the firm to the third parties;<br \/>\n(b) In paying each partner proportionately what is due to him\/her from the firm for advances as distinguished from capital (i.e., partner\u2019s loan);<br \/>\n(c) In paying to each partner proportionately what is due to him on account of capital; and<br \/>\n(d) The residue, if any, shall be divided among the partners in their profit sharing ratio.<\/p>\n<p><strong>Question 6. On what account Realisation Account differs from Revaluation Account?<\/strong><br \/>\n<strong>Answer<\/strong> There is the following difference between Realisation Account and Revaluation Account<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118855\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-SAQ-Q6.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm SAQ Q6\" width=\"486\" height=\"320\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"LONG_ANSWER_TYPE_QUESTIONS\"><\/span><strong>LONG ANSWER TYPE QUESTIONS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Question 1. Explain the process of dissolution of partnership firm.<\/strong><br \/>\n<strong>Answer<\/strong> Dissolution means breaking of relationship among the partners. As per Section 39 of the Indian Partnership Act 1932, the dissolution of firm implies that not only partnership is dissolved but the firm losses its existence, i.e., after dissolution the firm does not remain in business.<br \/>\nDissolution of partnership firm implies discontinuation of the business of the partnership firm. Dissolution involves winding up of business, disposal of assets and paying off the liabilities and distribution of any surplus or borne of loss by the partners of the firm. As per the Partnership Act 1932, a partnership firm may be dissolved in the following manners.<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118807\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-LAQ-Q1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm LAQ Q1\" width=\"462\" height=\"133\" \/><\/p>\n<p><strong>(i)<\/strong> <strong>Dissolution by Agreement<\/strong> As a firm is formed with the consent of all partners with a mutual agreement. Dissolution can also be there with<br \/>\nthe help of agreement. It happens in following two ways.<br \/>\nA firm may be dissolved<br \/>\n(a) When all the partners agree to dissolve the firm.<br \/>\n(b) When there is any term related to dissolution of firm in the partnership agreement.<br \/>\n<strong>(ii) Compulsory Dissolution<\/strong> A firm may be dissolved compulsorily in the following condition<br \/>\n(a) In case, all the partners or all except one partner become insolvent or insane.<br \/>\n(b) If the business becomes illegal.<br \/>\n(c) Where all the partners except one decide to retire from the firm.<br \/>\n(d) Where all the partners except one die.<br \/>\n<strong>(iii) Dissolution by Notice<\/strong> When partnership is at will then the partnership firm may be dissolved, if any partner give notice in writing to all the other partners expressing his\/her intention to dissolve the firm.<br \/>\n<strong>(iv) Dissolution by Court<\/strong> A court may order for dissolution if a suit is filed by a partner, as per Section 44 of Indian Partnership Act, 1932. The court may order to dissolve a partnership in following conditions<br \/>\n(a) A partner becomes insane.<br \/>\n(b) A partner commits breach of agreement wilfully.<br \/>\n(c) When a partner\u2019s conduct affects the business.<br \/>\n(d) When a partner transfers his interest to a third party.<br \/>\n(e) If business cannot be continued.<br \/>\n(f) If a partner becomes incapable of doing business.<br \/>\n(g) If court thinks dissolution to be just and equitable on any ground.<br \/>\nBesides these, above mentioned circumstances, a partnership firm may be dissolved if the court at any stage finds dissolution of the firm to be justified and inevitable.<\/p>\n<p><strong>Question 2. What is a Realisation Account?<\/strong><br \/>\n<strong>Answer<\/strong> On dissolution of a firm, all the books of account are closed, all assets are sold and all liabilities are paid off. In order to record the sale of assets and discharge of liabilities, a nominal account is opened named realisation account. The main purpose to open realisation account is to ascertain the profit or loss due to the realisation of assets and liabilities. Realisation profit (if credit side &gt; debit side) or realisation loss (if debit side &gt; credit side) are transferred to the partner\u2019s capital account in their profit sharing ratio.<br \/>\nConcisely, following are the important objectives of preparing realisation account<br \/>\n(i) To close all the books of account.<br \/>\n(ii) To record transactions relating to the sale of assets and discharge of liabilities.<br \/>\n(iii) To determine profit or loss due to the realisation of assets and liabilities.<br \/>\n<strong>Features of Realisation Account<\/strong><br \/>\n(i) In realisation account, sale of assets is recorded at their realised value.<br \/>\n(ii) Payment to liabilities (creditors) is recorded at their settlement value.<br \/>\n(iii) After all the transactions have been recorded, there will be balance, which may be profit or loss.<br \/>\n(iv) Profit arises in two situations<br \/>\n(a) When assets are realised at more than their book value.<br \/>\n(b) When liabilities are settled at less than their book value.<br \/>\n(v) If the two conditions are vice versa, the net result will be loss.<br \/>\n(vi) The net profit or loss on realisation is to be transferred to the partner\u2019s capital accounts in their profit sharing ratio.<\/p>\n<p>The format for realisation account is as follows<br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118809\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-LAQ-Q2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm LAQ Q2\" width=\"492\" height=\"207\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118808\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-LAQ-Q2.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm LAQ Q2.1\" width=\"486\" height=\"151\" \/><\/p>\n<p><strong>Question 3. Reproduce the format of Realisation Account.<\/strong><br \/>\n<strong>Answer<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118810\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-LAQ-Q3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm LAQ Q3\" width=\"484\" height=\"324\" \/><\/p>\n<p><strong>Question 4. How deficiency of creditors is paid off?<\/strong><br \/>\n<strong>Answer<\/strong> When a firm gets into the situation of dissolution, first of all the amount received from the sale of firm\u2019s assets are utilised to pay the creditors. After that, if the sale receipts of assets fall short, then partners\u2019 private assets are used for settling the dues of the firm\u2019s creditors. Even if some portion of the amount due to creditors is left unpaid, then there arises deficiency of<br \/>\ncreditors. This deficiency is handled in the following two ways<br \/>\n(i) In first case, deficiency is transferred to the Deficiency Account.<br \/>\n(ii) In second case, the deficiency is transferred to the partner\u2019s capital account.<br \/>\nIn first case, a separate account is prepared for the firm\u2019s creditors. Then in \u2018 order to ascertain the firm\u2019s cash balance accruing from the sale of the firm\u2019s<br \/>\nassets and partners\u2019 private assets, cash account is prepared. After ascertaining the cash availability with the firm, the creditors and the external liabilities are paid proportionately (partially). The remaining unpaid creditors or the deficiency is transferred to the Deficiency Account.<br \/>\nIn the second case, the creditors are paid by the cash available with the firm<br \/>\nincluding the partners\u2019 individual contribution. The deficiency or unpaid creditors amount .is transferred to the partner\u2019s capital account. Thus, the deficiency of the creditors is borne by all the partners in their profit sharing ratio. If any partner becomes insolvent and is unable to bear the deficiency, then this will be regarded as a capital loss to the firm.<br \/>\n\u2018 If the partnership deed is silent, about such capital loss in the fact of insolvency of a partner, the deficiency on the insolvent partner\u2019s capital \u2019 account must be borne by the other solvent partners, in proportion to their capital. In that case, we should apply Garner vs Murray decision in solving problems in partnership.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"NUMERICAL_QUESTIONS\"><\/span><strong>NUMERICAL QUESTIONS<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>1. Journalise the following transactions regarding realisation expenses :<\/strong><br \/>\n<strong> [a] Realisation expenses amounted to Rs.2,500.<\/strong><br \/>\n<strong> [b] Realisation expenses amounting to Rs.3,000 were paid by Ashok, one of the partners.<\/strong><br \/>\n<strong> [c] Realisation expenses Rs.2,300 borne by Tarun, personally.<\/strong><br \/>\n<strong> [d] Amit, a partner was appointed to realise the assets, at a cost of Rs.4,000. The actual amount of realisation amounted to Rs.3,000.<\/strong><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118811\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q1\" width=\"483\" height=\"243\" \/><\/p>\n<p><strong>2. Record necessary journal entries in the following cases:<\/strong><br \/>\n<strong> [a] Creditors worth Rs.85,000 accepted Rs.40,000 as cash and Investment worth Rs.43,000, in full settlement of their claim.<\/strong><br \/>\n<strong> [b] Creditors were Rs.16,000. They accepted Machinery valued at Rs.18,000 in settlement of their claim.<\/strong><br \/>\n<strong> [c] Creditors were Rs.90,000. They accepted Buildings valued Rs.1,20,000 and paid cash to the firm Rs.30,000.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118812\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q2\" width=\"478\" height=\"272\" \/><\/p>\n<p><strong>3. There was an old computer which was written-off in the books of accounts in the pervious year. The same has been taken over by a partner Nitin for Rs.3,000.<\/strong><br \/>\n<strong> Journalise the transaction, supposing. That the firm has been dissolved.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118813\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q3\" width=\"478\" height=\"137\" \/><\/p>\n<p><strong>4. What journal entries will be recorded for the following transactions on the dissolution of a firm:<\/strong><br \/>\n<strong> [a] Payment of unrecorded liabilities of Rs.3,200.<\/strong><br \/>\n<strong> [b] Stock worth Rs.7,500 is taken by a partner Rohit.<\/strong><br \/>\n<strong> [c] Profit on Realisation amounting to Rs.18,000 is to be distributed between the partners Ashish and Tarun in the ratio of 5:7.<\/strong><br \/>\n<strong> [d] An unrecorded asset realised Rs.5,500.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118814\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q4.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q4\" width=\"480\" height=\"308\" \/><\/p>\n<p><strong>5. Give journal entries for the following transactions :<\/strong><br \/>\n<strong> 1. To record the realisation of various assets and liabilities,<\/strong><br \/>\n<strong> 2. A Firm has a Stock of Rs. 1,60,000. Aziz, a partner took over 50% of the Stock at a discount of 20%,<\/strong><br \/>\n<strong> 3. Remaining Stock was sold at a profit of 30% on cost,<\/strong><br \/>\n<strong> 4. Land and Buildging (book value Rs. 1,60,000) sold for Rs. 3,00,000 through a broker who charged 2%, commission on the deal,<\/strong><br \/>\n<strong> 5. Plant and Machinery (book value Rs. 60,000) was handed over to a Creditor at an agreed valuation of 10% less than the book value,<\/strong><br \/>\n<strong> 6. Investment whose face value was Rs. 4,000 was realised at 50%<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118816\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q5.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q5\" width=\"477\" height=\"467\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118815\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q5.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q5.1\" width=\"477\" height=\"259\" \/><\/p>\n<p><strong>6. How will you deal with the realisation expenses of the firm of Rashim and Bindiya in the following cases:<\/strong><br \/>\n<strong> 1. Realisation expenses amounts to Rs. 1,00,000,<\/strong><br \/>\n<strong> 2. Realisation expenses amounting to Rs. 30,000 are paid by Rashim, a partner.<\/strong><br \/>\n<strong> 3. Realisation expenses are to be borne by Rashim for which he will be paid Rs. 70,000 as remuneration for completing the dissolution process. The<\/strong><br \/>\n<strong> actual expenses incurred by Rashim were Rs. 1,20,000.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118817\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q6.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q6\" width=\"480\" height=\"226\" \/><\/p>\n<p><strong>7. The book value of assets (other than cash and bank) transferred to Realisation Account is Rs. 1,00,000. 50% of the assets are taken over by a partner Atul, at a discount of 20%; 40% of the remaining assets are sold at a profit of 30% on cost; 5% of the balance being obsolete, realised nothing and remaining assets<\/strong><br \/>\n<strong> are handed over to a Creditor, in full settlement of his claim. You are required to record the journal entries for realisation of assets.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118818\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q7.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q7\" width=\"478\" height=\"333\" \/><\/p>\n<p><strong>8. Record necessary journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya:<\/strong><br \/>\n<strong> 1. There was an old furniture in the firm which had been written-off completely in the books. This was sold for Rs. 3,000,<\/strong><br \/>\n<strong> 2. Ashish, an old customer whose account for Rs. 1,000 was written-off as bad in the previous year, paid 60%, of the amount,<\/strong><br \/>\n<strong> 3. Paras agreed to takeover the firm\u2019s goodwill (not recorded in the books of the firm), at a valuation of Rs. 30,000,<\/strong><br \/>\n<strong>4. There was an old typewriter which had been written-off completely from the books. It was estimated to realize Rs. 400. It was taken away by Priya at an estimated price less 25%,<\/strong><br \/>\n<strong> 5. There were 100 shares of Rs. 10 each in Star Limited acquired at a cost of Rs. 2,000 which had been written-off completely from the books. These shares are valued @ Rs. 6 each and divided among the partners in their<\/strong><br \/>\n<strong> profit sharing ratio.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118819\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q8.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q8\" width=\"480\" height=\"478\" \/><\/p>\n<p><strong>9. All partners wishes to dissolve the firm. Yastin, a partner wants that her loan of Rs. 2,00,000 must be paid off before the payment of capitals to the partners. But, Amart, another partner wants that the capitals must be paid before the payment of Yastin\u2019s loan. You are required to settle the conflict giving reasons.<\/strong><br \/>\n<strong>Answer<\/strong> According to Section 48 of Partnership Act 1932, their is a sequence of preferences given which tells the priority of payment at time of dissolution. In the above condition, the loans and advances of partner\u2019s i.e., Rs.2,00,000 will be paid before and payment of capital is always done at last<\/p>\n<p><strong>10. What journal entries would be recorded for the following transactions on the dissolution of a firm after various assets (other than cash) on the third party liabilities have been transferred to Reliasation account.<\/strong><br \/>\n<strong> 1. Arti took over the Stock worth Rs. 80,000 at Rs. 68,000.<\/strong><br \/>\n<strong> 2. There was unrecorded Bike of Rs. 40,000 which was taken over By Mr. Karim.<\/strong><br \/>\n<strong> 3. The firm paid Rs. 40,000 as compensation to employees.<\/strong><br \/>\n<strong> 4. Sundry creditors amounting to Rs. 36,000 were settled at a discount of 15%.<\/strong><br \/>\n<strong> 5. Loss on realisation Rs. 42,000 was to be distributed between Arti and Karim in the ratio of 3:4.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118821\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q10.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q10\" width=\"478\" height=\"407\" \/><\/p>\n<p><strong>11. Rose and Lily shared profits in the ratio of 2:3. Their Balance Sheet on March 31, 2006 was as follows:<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118826\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q11.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q11\" width=\"480\" height=\"241\" \/><br \/>\n<strong>Rose and Lily decided to dissolve the firm on the above date. Assets (except bills receivables) realised Rs. 4,84,000. Bills receivable were taken over by Rose at X 30,000. Creditors agreed to take Rs 38,000. Cost of realisation was Rs 2400. There was a Motor Cycle in the firm which was brought out of the firm\u2019s money, was not shown in the books of the firm. It was now sold for Rs 10,000. There was a continigent liability in respect of outstanding electric bill of Rs 5,000. Bill receivable taken over by Rose at Rs 33,000.<\/strong><br \/>\n<strong> Show realisation account, partners\u2019 capital account, loan account and cash account.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118822\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q11.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q11.1\" width=\"480\" height=\"292\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118823\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q11.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q11.2\" width=\"477\" height=\"135\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118824\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q11.3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q11.3\" width=\"479\" height=\"92\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118825\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q11.4.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q11.4\" width=\"482\" height=\"234\" \/><\/p>\n<p><strong>12. Shilpa, Meena and Nanda decided to dissolve their partnership on March 31,2006. Their profit sharing ratio was 3:2:1 and their Balance Sheet was as under:<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118830\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q12.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q12\" width=\"480\" height=\"244\" \/><br \/>\n<strong>The stock of value of Rs. 41,660 are taken over by Shilpa for Rs. 35,000 and she agreed to discharge bank loan. The remaining stock was sold at Rs. 14,000 and debtors amounting to Rs. 10,000 realised Rs. 8,000. land is sold for Rs. 1,10,000. The<\/strong><br \/>\n<strong> remaining debtors realised 50% at their book value. Cost of realisation amounted to Rs. 1,200. There was a typewriter not recorded in the books worth Rs. 6,000 which were taken over by one of the Creditors at this value. Prepare Realisation Account<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118827\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q12.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q12.1\" width=\"483\" height=\"281\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118828\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q12.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q12.2\" width=\"483\" height=\"272\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118829\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q12.3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q12.3\" width=\"480\" height=\"140\" \/><\/p>\n<p><strong>13. Surjit and Rahi were sharing profits (losses) in the ratio of 3:2, their Balance Sheet as on March 31, 2004 is as follows:<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118835\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q13.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q13\" width=\"480\" height=\"258\" \/><br \/>\n<strong>The firm was dissolved on March 31, 2006 on the following terms:<\/strong><br \/>\n<strong> 1. Surjit agreed to take the investments at Rs. 8,000 and to pay Mrs. Surojit\u2019s loan.<\/strong><br \/>\n<strong> 2. Other assets were realised as follows:<\/strong><br \/>\n<strong> Stock                             Rs.5,000<\/strong><br \/>\n<strong> Debtors                        Rs. 18,500<\/strong><br \/>\n<strong> Furniture                    Rs. 4,500<\/strong><br \/>\n<strong> Plant                             Rs. 25,000<\/strong><br \/>\n<strong> 3. Expenses on realisation amounted to Rs. 1,600.<\/strong><br \/>\n<strong> 4. Creditors agreed to accept Rs. 37,000 as a final settlement. You are required to prepare Realisation account, Partner\u2019s Capital account and Bank account<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118831\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q13.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q13.1\" width=\"482\" height=\"309\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118832\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q13.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q13.2\" width=\"479\" height=\"186\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118833\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q13.3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q13.3\" width=\"479\" height=\"105\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118834\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q13.4.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q13.4\" width=\"479\" height=\"166\" \/><\/p>\n<p><strong>14.Rita, Geeta and Ashish were partners in a firm sharing profits\/losses in the ratio of 3:2:1. On March 31, 2006 their balance sheet was as follows:<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118839\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q14.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q14\" width=\"479\" height=\"208\" \/><br \/>\n<strong>On the date of above mentioned date the firm was dissolved:<\/strong><br \/>\n<strong> 1. Rita was appointed to realise the assets. Rita was to receive 5% commission<\/strong><br \/>\n<strong> on the rate of assets (except cash) and was to bear all expenses of realisation,<\/strong><br \/>\n<strong> 2. Assets were realised as follows:<\/strong><br \/>\n<strong>                                    Rs.<\/strong><br \/>\n<strong> Debtors                 30,000<\/strong><br \/>\n<strong> Stock                      26,000<\/strong><br \/>\n<strong> Plant                       42,750<\/strong><br \/>\n<strong> 3. Investments were realised at 85% of the book value,<\/strong><br \/>\n<strong> 4. Expenses of realisation amounted to Rs. 4,100,<\/strong><br \/>\n<strong> 5. Firm had to pay Rs. 7,200 for outstanding salary not provided for earlier,<\/strong><br \/>\n<strong> 6. Contingent liability in respect of bills discounted with the bank was also materialised and paid off Rs. 9,800, Prepare Realisation account, Capital Accounts of Partner\u2019s and Cash Account.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118836\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q14.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q14.1\" width=\"480\" height=\"275\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118837\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q14.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q14.2\" width=\"481\" height=\"188\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118838\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q14.3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q14.3\" width=\"479\" height=\"207\" \/><\/p>\n<p><strong>15. Anup and Sumit are equal partners in a firm. They decided to dissolve the parntership on December 31, 2006. When the balance sheet is as under :<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118843\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q15.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q15\" width=\"480\" height=\"244\" \/><br \/>\n<strong>The Assets were realised as follows :<\/strong><br \/>\n<strong> Rs.<\/strong><br \/>\n<strong> Lease hold land             72,000<\/strong><br \/>\n<strong> Furniture                        22,500<\/strong><br \/>\n<strong> Stock                                 40,500<\/strong><br \/>\n<strong> Plant                                48,000<\/strong><br \/>\n<strong> Sundry Debtors 10,5000<\/strong><br \/>\n<strong> The Creditors were paid Rs. 25,500 in full settlement. Expenses of realisation amount to Rs. 2,500. Prepare Realisation Account, Bank Account, Partners Capital Accounts to close the books of the firm.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118840\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q15.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q15.1\" width=\"480\" height=\"327\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118841\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q15.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q15.2\" width=\"482\" height=\"153\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118842\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q15.3.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q15.3\" width=\"476\" height=\"182\" \/><\/p>\n<p><strong>16. Ashu and Harish are partners sharing profit and losses as 3:2. They decided to dissolve the firm on December 31, 2006. Their balance sheet on the above date was:<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118846\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q16.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q16\" width=\"481\" height=\"237\" \/><br \/>\n<strong>Ashu is to take over the building at Rs. 95,000 and Machinery and Furniture is take over by Harish at value of Rs. 80,000. Ashu agreed to pay Creditor and Harish agreed to meet Bank overdraft. Stock and Investments are taken by both partner in profit sharing ratio. Debtors realised for Rs. 46,000, expenses<\/strong><br \/>\n<strong> of realisation amounted to Rs. 3,000. Prepare necessary ledger account.<\/strong><br \/>\n<img loading=\"lazy\" class=\"alignnone size-full wp-image-118844\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q16.1.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q16.1\" width=\"480\" height=\"337\" \/><\/p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-118845\" src=\"https:\/\/infinitylearn.com\/surge\/wp-content\/uploads\/2022\/01\/NCERT-Solutions-for-Class-12-Accountancy-Chapter-5-Dissolution-of-Partnership-Firm-Numerical-Questions-Q16.2.png\" alt=\"NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm Numerical Questions Q16.2\" width=\"482\" height=\"176\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Solutions for Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm &nbsp; TEST YOUR UNDERSTANDING -I Question 1. 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