(4) Dissolution of Parnterhip Firm Class 12 Notes | EduRev

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Class 12 : (4) Dissolution of Parnterhip Firm Class 12 Notes | EduRev

 Page 1


CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Step-1
(i) Press Print button from the tool bar
(ii) Select ‘Print : Odd Pages Only’ from the Print dialog box
(iii) Press OK / Print and you will get half of your document printed
Print Instructions
Step-2
(i) Put the printed paper back into the source paper tray
(ii) Press Print button from the tool bar again
(iii) Select ‘Print : Even Pages Only’ from the Print dialog box
+
Check ‘Reverse Pages’ from printer dialog box
(iv) Press OK / Print
Step-3 : Leave Instruction Page and Center Stapple all the other pages... All Done.
Page 2


CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Step-1
(i) Press Print button from the tool bar
(ii) Select ‘Print : Odd Pages Only’ from the Print dialog box
(iii) Press OK / Print and you will get half of your document printed
Print Instructions
Step-2
(i) Put the printed paper back into the source paper tray
(ii) Press Print button from the tool bar again
(iii) Select ‘Print : Even Pages Only’ from the Print dialog box
+
Check ‘Reverse Pages’ from printer dialog box
(iv) Press OK / Print
Step-3 : Leave Instruction Page and Center Stapple all the other pages... All Done.
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Blank Page Blank Page
Page 3


CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Step-1
(i) Press Print button from the tool bar
(ii) Select ‘Print : Odd Pages Only’ from the Print dialog box
(iii) Press OK / Print and you will get half of your document printed
Print Instructions
Step-2
(i) Put the printed paper back into the source paper tray
(ii) Press Print button from the tool bar again
(iii) Select ‘Print : Even Pages Only’ from the Print dialog box
+
Check ‘Reverse Pages’ from printer dialog box
(iv) Press OK / Print
Step-3 : Leave Instruction Page and Center Stapple all the other pages... All Done.
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Blank Page Blank Page
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Class XII
Dissolution of
Partnership Firm
Page 4


CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Step-1
(i) Press Print button from the tool bar
(ii) Select ‘Print : Odd Pages Only’ from the Print dialog box
(iii) Press OK / Print and you will get half of your document printed
Print Instructions
Step-2
(i) Put the printed paper back into the source paper tray
(ii) Press Print button from the tool bar again
(iii) Select ‘Print : Even Pages Only’ from the Print dialog box
+
Check ‘Reverse Pages’ from printer dialog box
(iv) Press OK / Print
Step-3 : Leave Instruction Page and Center Stapple all the other pages... All Done.
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Blank Page Blank Page
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Class XII
Dissolution of
Partnership Firm
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Price: 30/-
Assignment - 4
Page 5


CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Step-1
(i) Press Print button from the tool bar
(ii) Select ‘Print : Odd Pages Only’ from the Print dialog box
(iii) Press OK / Print and you will get half of your document printed
Print Instructions
Step-2
(i) Put the printed paper back into the source paper tray
(ii) Press Print button from the tool bar again
(iii) Select ‘Print : Even Pages Only’ from the Print dialog box
+
Check ‘Reverse Pages’ from printer dialog box
(iv) Press OK / Print
Step-3 : Leave Instruction Page and Center Stapple all the other pages... All Done.
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Blank Page Blank Page
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Class XII
Dissolution of
Partnership Firm
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Price: 30/-
Assignment - 4
CA. Naresh Aggarwal’s
ACADEMY of ACCOUNTS
Accounts • Costing • Tax • FM • Maths • Stats • English • Economics
West Patel Nagar, New Delhi. Ph:8010444896. Website: www.academyofaccounts.org
Q-1: Following is the Balance Sheet of A and B sharing profits and losses in the
ratio of 3 : 2.
Balance Sheet
As on 31.12.2012
Liabilities Amount Assets Amount
Sundry Creditors 30,000 Goodwill 10,000
Bills Payable 10,000 Buildings 25,000
Bank Loan 12,000 Plant & Machinery 25,000
Mrs. A’s Loan 18,000 Investments 24,000
General Reserve 6,000 Debtors 15,000
Capitals: Stock 10,000
A 30,000 Cash 13,000
B 20,000 50,000 Profit and Loss A/c 4,000
1,26,000 1,26,000
The firm was dissolved on that date and the following transaction were occurred:
(a) Assets were sold and realised as follows:
Goodwill 6,000
Buildings 50,000
Plant and Machinery 20,000
Debtors 10,000
Typewriter 2,000
(b) A took stock at Rs 8,000 and B took Investments at Rs.15,000.
(c) Sundry Creditors and Bills Payable were paid at 5% discount.
(d) A agreed to pay his wife’s loan.
(e) Realisation expenses amounted to Rs.2,000.
Prepare Realisation Account, Partner’s Capital Accounts and Bank Account.
[Profit: Rs.2,000; A will get: Rs.42,400; B will get: Rs.6,600; Total of Cash: Rs.1,01,000]
Q-2: A and B were partners in a firm and sharing profits in the ratio of 3 : 2. On 31st
December, 2012 their Balance Sheet was as follows:
(c) Undistributed Balance (debit) of Profit & Loss A/c Rs.30,000. The firm has three
partners X, Y and Z.
(d) The assets of the firm realised Rs.1,25,000.
(e) Y who undertakes to carry out the dissolution proceedings is paid Rs.2,000 for
the same.
(f) Creditors paid Rs.28,000 in full settlement of their account of Rs.30,000.
[Delhi 2009C]
Q-46: Ram Lal and Shyam Lal were partners in a firm sharing profits in the ratio of
2 : 1. On 28th February 2012, their firm was dissolved. Dissolution resulted in a
loss of Rs.45,000. On that date, the capital account of Ram Lal showed a credit
balance of Rs.35,000 and the capital account of Shyam Lal showed a credit balance
of Rs.40,000. There was a cash balance of Rs. 30,000. Pass necessary journal
entries for :
(i) Transfer of loss to the capital accounts of the partners, and
(ii) Making final payments to the partners.
[Foreign 2000]
Q-47: P and Q are partners in a firm sharing profits in the ratio of 3 : 2.
On 01.01.2012 their capital balances stood at Rs.15,000 and Rs.20,000
respectively. The books also showed a Profit & Loss A/c (Dr. balance) of Rs.30,000.
The firm had taken a Joint Life Policy in the names of the partners for Rs.3,00,000.
The annual premium of Rs.15,000 was payable on 15th February each year. The
surrender value of the policy on 01.01.2012 was Rs.90,000. The firm was dissolved
on 01.01.2012 and the Joint Life policy surrendered. The insurance company paid
Rs. 1,00,000 including bonus.
Pass necessary journal entries for distribution of profit & Loss A/c and realisation of
Joint Life Policy.
[Delhi 2009C (Modified)]
Theoretical Questions
Q-1*: Distinguish between dissolution of partnership and dissolution of partnership
firm.
Q-2*: Distinguish between revaluation account and realisation account.
Q-3: Explain the provisions of Section 48 of Partnership Act, dealing with the
settlement of accounts at the time of dissolution of firm.
• • • • • • • • • • • • • • • • • • • • • •
24 Dissolution of Partnership Firm Practice in Accountancy 1
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