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NCERT solution - Chapter 5: Dissolution of Partnership (Part - 3) | Accountancy Class 12 - Commerce PDF Download

Question 15: Anup and Sumit are equal partners in a firm. They decided to dissolve the partnership on December 31, 2017. When the balance sheet is as under:

Balance Sheet of Anup and Sumit as on December 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Sundry Creditors		27,000	Cash at bank	11,000
Reserve fund		10,000	Sundry Debtors	12,000
Loan		40,000	Plants	47,000
Capital			Stock	42,000
Anup	60,000		Lease hold land	60,000
Sumit	60,000	1,20,000	Furniture	25,000
		1,97,000		1,97,000

The Assets were realised as follows:

	Rs
Lease hold land	72,000
Furniture	22,500
Stock	40,500
Plant	48,000
Sundry Debtors	10,500

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.
Answer :

Books of Anup and Sumit Realisation Account
Dr.						Cr.
Particulars		Amount Rs	Particulars		Amount Rs
Sundry Debtors		12,000	Sundry Creditors		27,000
Plants		47,000	Loan		40,000
Stock		42,000	Bank:
Lease hold land		60,000	Lease hold Land	72,000
Furniture		25,000	Furniture	22,500
Bank:			Stock	40,500
Creditors	25,500		Plant	48,000
Loan	40,000		Sundry Debtors	10,500	1,93,500
Expenses	2500	68,000
Profit transferred to
Anup’s Capital A/c	3,250
Sumit’s Capital A/c	3250	6,500

		2,60,500			2,60,500

Partners’ Capital Account
Dr.				Cr.
Particulars	Anup	Sumit	Particulars		Anup	Sumit
Bank	68,250	68,250	Balance b/d		60,000	60,000
			Reserve Fund		5,000	5,000
			Realisation		3,250	3,250

	68,250	68,250			68,250	68,250

Bank Account
Dr.		Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	11,000	Realisation (Expenses and Liabilities)	68,000
Realisation (Assets )	1,93,500	Anup’s Capital A/c	68,250
		Sumit’s Capital A/c	68,250

	2,04,500		2,04,500

NOTE: As per the solution, Profit on Realisation is Rs 6,500; however as per the answer given in the book is Rs 46,500. If Loan is not transferred to the Realisation Account and paid directly from Loan Account, then the answer would match with that of the book.

Question 16: Ashu and Harish are partners sharing profit and losses as 3:2. They decided to dissolve the firm on December 31, 2017. Their balance sheet on the above date was:

Balance Sheet of Ashu and Harish as on December 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Capitals:			Building	80,000
Ashu	1,08,000		Machinery	70,000
Harish	54,000	1,62,000	Furniture	14,000
Creditors		88,000	Stock	20,000
Bank overdraft		50,000	Investments	60,000
			Debtors	48,000
			Cash in hand	8,000
		3,00,000		3,00,000

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 of Realisation amounted to Rs 3,000. Prepare necessary ledger Account.
Answer :

Books of Ashu and Harish Realisation Account
Dr.					Cr.
Particulars		Amount Rs	Particulars	Amount Rs
Building		80,000	Creditors	88,000
Machinery		70,000	Bank overdraft	50,000
Furniture		14,000	Ashu’s Capital A/c (Assets taken)	1,43,000
Stock		20,000	Harish’s Capital A/c (Assets taken)	1,12,000
Investments		60,000	Cash (Debtors)	46,000
Debtors		48,000
Ashu’s Capital A/c (Creditors)		88,000
Harish’s Capital A/c (Bank Overdraft)		50,000
Cash (Expenses)		3,000
Profit transferred to
Ashu’s Capital A/c	3,600
Harish’s Capital A/c	2,400	6,000
		4,39,000		4,39,000

Partners’ Capital Account
Dr.						Cr.
Particulars	Ashu	Harish	Particulars	Ashu	Harish
Realisation (Assets taken)	1,43,000	1,12,000	Balance b/d	1,08,000	54,000
Cash	56,600		Realisation (Liabilities)	88,000	50,000
			Realisation (Profit)	3,600	2,400
			Cash		5,600
	1,99,600	1,12,000		1,99,600	1,12,000

Cash Account
Dr.				Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	8,000	Realisation (Expenses)	3,000
Realisation (Debtors)	46,000	Ashu’s Capital A/c	56,600
Harish’s Capital A/c	5,600
	59,600		59,600

NOTE: As per the solution, the Profit on Realisation is Rs 6,000; however, the answer mentioned in the book is Rs 14,000.

Working Notes:

	Ashu	Harish
Building	95,000
Machinery and Furniture		80,000
Stock (3:2)	12,000	8,000
Investment (3:2)	36,000	24,000
	Rs 1,43,000	Rs 1,12,000

Question 17: Sanjay, Tarun and Vineet shared profit in the ratio of 3:2:1. On December 31,2017 their balance sheet was as follows:

Balance Sheet of Sanjay, Tarun and Vineet as on December 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Capitals:			Plant	90,000
Sanjay	1,00,000		Debtors	60,000
Tarun	1,00,000		Furniture	32,000
Vineet	70,000	2,70,000	Stock	60,000
Creditors		80,000	Investments	70,000
Bills payable		30,000	Bills receivable	36,000
			Cash in hand	32,000
		3,80,000		3,80,000

On this date the firm was dissolved. Sanjay was appointed to realise the assets. Sanjay was to receive 6% commission on the sale of assets (except cash) and was to bear all expenses of Realisation.
Sanjay realised the assets as follows: Plant Rs 72,000, Debtors Rs 54,000, Furniture Rs 18,000, Stock 90% of the book value, Investments Rs 76,000 and Bills receivable Rs 31,000. Expenses of Realisation amounted to Rs 4,500.
Prepare Realisation Account, Capital Accounts and Cash Account
Answer :

Books of Sanjay, Tarun and Vineet Realisation Account
Dr.						Cr.
Particulars		Amount Rs	Particulars		Amount Rs
Plant		90,000	Creditors		80,000
Debtors		60,000	Bills Payable		30,000
Furniture		32,000	Cash:
Stock		60,000	Plant	72,000
Investment		70,000	Debtors	54,000
Bills Receivable		36,000	Furniture	18,000
Cash :			Stock	54,000
Creditors	80,000		Investments	76,000
Bills Payable	30,000	1,10,000	Bills Receivable	31,000	3,05,000
Sanjay’s Capital A/c		18,300	Loss transferred to
(6% commission)			Sanjay’s Capital	30,650
			Tarun’s Capital A/c	20,433
			Vineet’s Capital A/c	10,217	61,300
		4,76,300			4,76,300

Partners’ Capital Account
Dr.	Cr.
Particulars		Sanjay	Tarun	Vineet	Particulars	Sanjay	Tarun	Vineet
Realisation (Loss)		30,650	20,433	10,217	Balance b/d	1,00,000	1,00,000	70,000
Cash		87,650	79,567	59,783	Realisation (commission)	18,300

		1,18,300	1,00,000	70,000		1,18,300	1,00,000	70,000

Cash Account
Dr.				Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	32,000	Realisation	1,10,000
Realisation	3,05,000	Sanjay’s Capital A/c	87,650
		Tarun’s Capital A/c	79,567
		Vineet’s Capital A/c	59,783

	3,37,000		3,37,000

Question 18: The following is the Balance Sheet of Gupta and Sharma as on December 31,2017:

Balance Sheet of Gupta and Sharma as on December 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Sundry Creditors		38,000	Cash at Bank	12,500
Mrs.Gupta’s loan		20,000	Sundry Debtors	55,000
Mrs.Sharma’s loan		30,000	Stock	44,000
Reserve fund		6,000	Bills Receivable	19,000
Provision of doubtful debts		4,000	Machinery	52,000
Capital			Investment	38,500
Gupta	90,000		Fixtures	27,000
Sharma	60,000	1,50,000
		2,48,000		2,48,000

The firm was dissolved on December 31, 2017 and asset realised and settlements of liabilities as follows:
(a) The Realisation of the assets were as follows:

	Rs
Sundry Debtors	52,000
Stock	42,000
Bills receivable	16,000
Machinery	49,000

(b) Investment was taken over by Gupta at agreed value of Rs 36,000 and agreed to pay of Mrs. Gupta’s loan.
(c) The Sundry Creditors were paid off less 3% discount.
(d) The Realisation expenses incurred amounted to Rs 1,200.
Journalise the entries to be made on the dissolution and prepare Realisation Account, Bank Account and Partners Capital Accounts.

Answer :

Books of Gupta and Sharma Journal
Date	Particulars		L.F.	Amount Rs	Amount Rs
2012
Dec. 31	Realisation A/c	Dr.		2,35,500
	To Sundry Debtors A/c				55,000
	To Stock A/c				44,000
	To Bills Receivable A/c				19,000
	To Machinery A/c				52,000
	To Investment A/c				38,500
	To Fixtures A/c				27,000
	(Assets transferred to Realisation Account)

Dec. 31	Sundry Creditors A/c	Dr.		38,000
	Mrs. Gupta’s Loan A/c	Dr.		20,000
	Mrs. Sharma’s Loan A/c	Dr.		30,000
	Provision for Doubtful Debts	Dr.		4,000
	To Realisation A/c				92,000
	(Liabilities transferred to Realisation Account)

Dec. 31	Bank A/c	Dr.		1,59,000
	To Realisation A/c				1,59,000
	(Assets realised: Sundry Debtors Rs 52,000, Stock Rs 42,000, Bills Receivable Rs 16,000, Machinery Rs 49,000)

Dec. 31	Realisation A/c	Dr.		20,000
	To Gupta’s Capital A/c				20,000
	(Gupta took over Mrs. Gupta's Loan)

Dec. 31	Gupta’s Capital A/c	Dr.		36,000
	To Realisation A/c				36,000
	(Investment taken over by Gupta)

Dec. 31	Realisation A/c	Dr.		66,860
	To Bank A/c				66,860
	(Liabilities paid: Mrs. Sharma's Loan Rs 30,000 and Creditors Rs 38,000 paid off less 3% discount)

Dec. 31	Realisation A/c	Dr.		1,200
	To Bank A/c				1,200
	(Realisation expenses paid)

Dec. 31	Gupta’s Capital A/c	Dr.		18,280
	Sharma’s Capital A/c	Dr.		18,280
	To Realisation A/c				36,560
	(Loss on Realisation transferred to Partners’ capital Account)

Dec. 31	Reserve Fund A/c	Dr.		6,000
	To Gupta’s Capital A/c				3,000
	To Sharma’s Capital A/c				3,000
	(Reserve fund distributed among partners ratio)

Dec. 31	Gupta’s Capital A/c	Dr.		58,720
	Sharma’s Capital A/c	Dr.		44,720
	To Bank A/c				1,03,440
	(Final payment made to partners)

Realisation Account
Dr.						Cr.
Particulars		Amount Rs	Particulars		Amount Rs
Sundry Debtors		55,000	Sundry Creditors		38,000
Stock		44,000	Mrs. Gupta’s Loan		20,000
Bills Receivable		19,000	Mrs. Sharma’s Loan		30,000
Machinery		52,000	Provision for Doubtful Debts		4,000
Investment		38,500	Bank :
Fixtures		27,000	Sundry Debtors	52,000
Gupta’s Capital A/c (Mrs. Gupta Loan)		20,000	Stock	42,000
Bank A/c:			Bills Receivable	16,000
Creditors	36,860		Machinery	49,000	1,59,000
Mrs. Sharma’s Loan	30,000		Gupta’s Capital A/c (Investment)		36,000
Expense	1,200	68,060	Loss transferred to
			Gupta’s Capital A/c	18,280
			Sharma’s Capital A/c	18,280	36,560

		3,23,560			3,23,560

Partners’ Capital Account
Dr.						Cr.
Particulars	Gupta	Sharma	Particulars	Gupta	Sharma
Realisation (Investment)	36,000		Balance b/d	90,000	60,000
Realisation (Loss)	18,280	18,280	Realisation (Mrs. Gupta Loan)	20,000
Bank	58,720	44,720	Reserve Fund	3,000	3,000

	1,13,000	63,000		1,13,000	63,000

Bank Account
Dr.				Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	12,500	Realisation	68,060
Realisation (Assets realised)	1,59,000	(Payment of expenses and liabilities)
		Gupta’s Capital A/c	58,720
		Sharma’s Capital A/c	44,720

	1,71,500		1,71,500

NOTE: As per the solution, Loss on Realisation is Rs 36,560 and the total of Bank Account is Rs 1,71,500. However, the answers mentioned in the book are Rs 19,660 and Rs 1,88,500 respectively.

Question 19: Ashok, Babu and Chetan are in partnership sharing profit in the proportion of 1/2, 1/3, 1/6 respectively. They dissolve the partnership of the December 31, 2017, when the balance sheet of the firm as under:

Balance Sheet of Ashok, Babu and Chetan as on December 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Sundry Creditors		20,000	Bank	7,500
Bills payable		25,500	Sundry Debtors	58,000
Babu’s loan		30,000	Stock	39,500
Capital’s:			Machinery	48,000
Ashok	70,000		Investment	42,000
Babu	55,000		Freehold Property	50,500
Chetan	27,000	1,52,000
Current Accounts :
Ashok	10,000
Babu	5,000
Chetan	3,000	18,000
		2,45,500		2,45,500

The Machinery was taken over by Babu for Rs 45,000, Ashok took over the Investment for Rs 40,000 and Freehold property took over by Chetan at Rs 55,000. The remaining Assets realised as follows: Sundry Debtors Rs 56,500 and Stock Rs 36,500. Sundry Creditors were settled at discount of 7%. A Office computer, not shown in the books of Accounts realised Rs 9,000. Realisation expenses amounted to Rs 3,000.
Prepare Realisation Account, Partners Capital Account, Bank Account.
Answer :

Realisation Account
Dr.						Cr.
Particulars		Amount Rs	Particulars		Amount Rs
Sundry Debtors		58,000	Sundry Creditors		20,000
Stock		39,500	Bills Payable		25,500
Machinery		48,000	Ashok’s Current A/c (Investment)		40,000
Investment		42,000	Babu’s Current A/c (Machinery)		45,000
Freehold property		50,500	Chetan’s Current A/c		55,000
Bank:			(Free hold property)
Sundry Creditors	18,600		Bank:
Bills payable	25,500		Sundry Debtors	56,500
Expenses	3,000	47,100	Stock	36,500
Profit Transferred to			Unrecorded computer	9,000	1,02,000
Ashok’s Current A/c	1,200
Babu’s Current A/c	800
Chetan’s Current A/c	400	2,400

		2,87,500			2,87,500

Partners' Current Account
Dr.								Cr.
Particulars	Ashok	Babu	Chetan	Particulars	Ashok	Babu	Chetan
Realisation	40,000	45,000	55,000	Balance b/d	10,000	5,000	3,000
(Assets taken)				Realisation (Profit)	1,200	800	400
				Ashok's Capital A/c	28,800
				Babu's Capital A/c		39200
				Chetan's Capital A/c			51600
	40,000	45,000	55,000		40,000	45,000	55,000

Partners' Capital Account
Dr.								Cr.
Particulars	Ashok	Babu	Chetan	Particulars	Ashok	Babu	Chetan
Ashok's Current	28,800			Balance b/d	70,000	55,000	27,000
Babu's Current		39200		Bank			24,600
Chetan's Current			51600
Bank	41,200	15,800


	70,000	55,000	51,600		70,000	55,000	51,600

Babu’s Loan A/c
Dr.				Cr.
Particulars	Amount	Particulars	Amount
Cash A/c	30,000	Balance b/d	30,000

	30,000		30,000

Bank Account
Dr.				Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	7,500	Realisation (Payment of Expenses	47,100
Realisation (Assets realised )	102,000	and Liabilities)
Chetan’s Capital A/c	24,600	Babu’s Loan	30,000
		Ashok’s Capital A/c	41,200
		Babu’s Capital A/c	15,800

	1,34,100		1,34,100

Note: As per the solution, profit on realisation is Rs 2,400. However, the answer provided in the book is Rs 1,200

Question 20: The following is the Balance sheet of Tanu and Manu, who shares profit and losses in the ratio of 5:3, On December 31,2017:

Balance Sheet of Tanu and Manu as on December 31, 2017
Liabilities		Amount Rs	Assets	Amount Rs
Sundry Creditors		62,000	Cash at Bank	16,000
Bills Payable		32,000	Sundry Debtors	55,000
Bank Loan		50,000	Stock	75,000
Reserve fund		16,000	Motor car	90,000
Capital:			Machinery	45,000
Tanu	1,10,000		Investment	70,000
Manu	90,000	2,00,000	Fixtures	9,000
		3,60,000		3,60,000

On the above date the firm is dissolved and the following agreement was made: Tanu agree to pay the bank loan and took away the sundry debtors. Sundry creditors accepts stock and paid Rs 10,000 to the firm. Machinery is taken over by Manu for Rs 40,000 and agreed to pay of bills payable at a discount of 5%.. Motor car was taken over by Tanu for Rs 60,000. Investment realised Rs 76,000 and fixtures Rs 4,000. The expenses of dissolution amounted to Rs 2,200.

Prepare Realisation Account, Bank Account and Partners Capital Accounts.

Answer 20:

Books of Tanu and Manu Realisation Account
Dr.					Cr.
Particulars	Amount Rs	Particulars		Amount Rs
Sundry Debtors	55,000	Sundry Creditors		62,000
Stock	75,000	Bills Payable		32,000
Motor Car	90,000	Bank Loan		50,000
Machinery	45,000	Tanu’s Capital A/c:
Investment	70,000	Sundry Debtors	55,000
Fixtures	9,000	Motor Car	60,000	1,15,000
Manu’s Capital A/c (Bills Payable)	30,400	Bank:
Bank (Expenses)	2,200	Stock	10,000
Tanu's Capital A/c (Bank Loan)	50000	Investment	76,000
		Fixtures	4,000	90,000
		Manu’s Capital (Machinery)		40,000
		Loss transferred to
		Manu’s Capital A/c	23,500
		Manu’s Capital A/c	14,100	37,600

	4,26,600			4,26,600

Partners' Capital Account
Dr.						Cr.
Particulars	Tanu	Manu	Particulars	Tanu	Manu
Realisation (Assets taken)	1,15,000	40,000	Balance b/d	1,10,000	90,000
Realisation (Loss)	23,500	14,100	Realisation (Liabilities)	50,000	30,400
Bank	31,500	72,300	Reserve Fund	10,000	6,000

	1,70,000	1,26,400		1,70,000	1,26,400

Bank Account
Dr.				Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	16,000	Realisation (Expenses)	2,200
Realisation (Assets)	90,000	Tanu’s Capital A/c	31,500
		Manu’s Capital A/c	72,300

	1,06,000		1,06,000

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FAQs on NCERT solution - Chapter 5: Dissolution of Partnership (Part - 3) - Accountancy Class 12 - Commerce

1. What are the reasons for the dissolution of a partnership?

Ans. The dissolution of a partnership can occur due to various reasons such as mutual consent, expiry of the partnership term, death of a partner, insolvency of a partner, or a court order.

2. How can a partnership be dissolved by mutual consent?

Ans. A partnership can be dissolved by mutual consent when all the partners agree to terminate the partnership. They need to draft a dissolution agreement, which should include the terms and conditions for the distribution of assets, settlement of liabilities, and other related matters.

3. What happens to the assets and liabilities of a partnership upon dissolution?

Ans. Upon dissolution, the assets of the partnership are sold, and the proceeds are used to pay off the liabilities. Any remaining amount is distributed among the partners according to their profit-sharing ratio. If there is a deficit, the partners are personally liable to cover it.

4. Can a partnership be dissolved if one partner becomes insolvent?

Ans. Yes, if a partner becomes insolvent, it can lead to the dissolution of the partnership. The other partners may decide to dissolve the partnership to protect their interests and avoid any legal complications arising from the insolvent partner's financial situation.

5. Can a partnership be dissolved by a court order?

Ans. Yes, a partnership can be dissolved by a court order if any of the partners breach the partnership agreement or engage in activities that are detrimental to the business. The court may intervene and order the dissolution of the partnership to protect the interests of the partners.

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