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Accountancy · 2025 · 6 marks
Dissolution of Partnership FirmAccounting Treatment on Dissolution of a Partnership Firm6 markslong answer
CBSE 2025 · Region 2 · Set 2 · Q23
Pass necessary journal entries for the following transactions on dissolution of the firm of Sachin, Virat and Rohit after various assets (other than cash) and third party liabilities have been transferred to Realisation Account : Sachin took over stock of book value of ₹ $\displaystyle 80,000$ at a discount of $\displaystyle 10$% . <i? ($\displaystyle 11$) Virat agreed to take over the firm's creditors of the book value of ₹ $\displaystyle 70,000$ at a valuation of? $\displaystyle 65$,000. (iii) Rohit took over his wife's loan of ₹ $\displaystyle 3,00$,000. (iv) There was an old typewriter which had been written off completely from the books. It realised ₹ $\displaystyle 10$,000. (V) Land and Building of the book value of ₹ $\displaystyle 50,00,000$ was sold for ₹ $\displaystyle 70,00,000$ through a broker who charged $\displaystyle 5$% commission on the deal (vi) Loss on realisation ₹ $\displaystyle 30,000$ was to be distributed between Sachin, Virat and Rohit equally.
Marking-scheme solution
Books of Sachin, Virat and Rohit
Journal
Date Particulars L.F. Dr. Cr.
Amount Amount
(₹) (₹)
(i) Sachin’s Capital A/c Dr. $\displaystyle 72,000$
To Realisation A/c $\displaystyle 72,000$
(Stock taken over by Sachin at a discount of $\displaystyle 10$%)
(ii)
Realisation A/c Dr. $\displaystyle 65,000$
To Virat’s Capital A/c $\displaystyle 65,000$
(Creditors taken over by Virat)
(iii)
Realisation A/c Dr. $\displaystyle 3,00,000$
To Rohit’s Capital A/c $\displaystyle 3,00,000$
(Rohit took over his wife’s loan)
(iv)
Bank A/c / Cash A/c Dr. $\displaystyle 10,000$
To Realisation A/c $\displaystyle 10,000$
(Old typewriter written off, now sold)
(v)
Bank A/c / Cash A/c Dr. $\displaystyle 66,50,000$
To Realisation A/c $\displaystyle 66,50,000$
(Land and building sold and commission paid to the
broker)
(vi)
Sachin’s Capital A/c Dr. $\displaystyle 10,000$
Virat’s Capital A/c Dr. $\displaystyle 10,000$
Rohit’s Capital A/c Dr. $\displaystyle 10,000$
To Realisation A/c $\displaystyle 30,000$
(Loss on Realisation distributed between Sachin,
Virat and Rohit equally)
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CBSE Class 12 Accountancy past-paper question from the 2025board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.