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Dissolution of a Partnership Firm – Chapter 7
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Bale and Yale are equal partners of a firm. They decide to dissolve their partnership on 31st March, 2026 at which date their Balance Sheet stood as:
| Liabilities | ₹ | Assets | ₹ |
|---|---|---|---|
| Capital A/cs: | Building | 45,000 | |
| Bale | 50,000 | Machinery | 15,000 |
| Yale | 40,000 | Furniture | 12,000 |
| (90,000) | 90,000 | Sundry Debtors | 8,000 |
| General Reserve | 8,000 | Stock | 24,000 |
| Loan by Bale | 3,000 | Bank | 11,000 |
| Sundry Creditors | 14,000 | ||
| Total | 1,15,000 | Total | 1,15,000 |
- The assets realised as follows:
Stock ₹ 22,000; Sundry Debtors ₹ 7,500; Machinery ₹ 16,000; Building ₹ 35,000. - Yale took Furniture at ₹ 9,000.
- Bale agreed to accept ₹ 2,500 in settlement of his Loan Account.
- Dissolution Expenses were ₹ 2,500.
Prepare the:
- Realisation Account;
- Capital Accounts of Partners;
- Loan by Bale Account;
- Bank Account.
Solution:
This topic was modified 2 months ago 8 times by Wings Unschool Admin
Posted : 23/07/2026 7:30 am