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Dissolution of a Partnership Firm – Chapter 7
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C,D and E were partners in a firm sharing profits in the ratio of 3:1:1. Their Balance sheet as at 31st March, 2022 was as follows: (CBSE 2023)
BALANCE SHEET OF C,D AND E as at 31st March,2022
| Liabilities | ₹ | ₹ | Assets | ₹ |
|---|---|---|---|---|
| Capital A/cs: | Machinery | 3,20,000 | ||
| C | 4,00,000 | Investments | 3,00,000 | |
| D | 2,00,000 | Stock | 2,00,000 | |
| E | 1,00,000 | 7,00,000 | Debtors | 1,00,000 |
| C’s Loan | 1,20,000 | Cash at Bank | 2,00,000 | |
| Sundry Creditors | 1,00,000 | |||
| Bills Payable | 2,00,000 | |||
| 11,20,000 | 11,20,000 |
On the above date, the firm was dissolved due to certain disagreement among the partners:
(1) Machinery of 3,00,000 were given to creditors in full settlement of their account and remaining
machinery was sold for 10,000.
(il) Investments realised 2,90,000.
(iii) Stock was sold for₹ 1,80,000.
(iv) Debtors for 20,000 proved bad.
(v) Realisation expenses amounted to ₹10,000.
Prepare Realisation Account.
Solution:
This topic was modified 2 months ago 4 times by Wings Unschool Admin
Posted : 17/07/2026 9:58 am