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Accountancy · 2023 · 6 marks
Dissolution of Partnership FirmAccounting Treatment on Dissolution of a Partnership Firm6 markslong answer
CBSE 2023 · Region 2 · Set 1 · Q23
Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after various assets (other than cash) and external liabilities have been transferred to Realisation Account : (i) An unrecorded asset of ₹ $\displaystyle 18,000$ was taken over by Tina at ₹ $\displaystyle 16$,000. (ii) Rina agreed to pay her brother's loan of ₹ $\displaystyle 28$,000. (iii) Stock of ₹ $\displaystyle 30,000$ was taken over by a creditor of ₹ $\displaystyle 40,000$ in full settlement. (iv) Expenses of dissolution ₹ $\displaystyle 40,000$ were paid by Rina. (v) Creditors were paid ₹ $\displaystyle 18,800$ in full settlement of their account of ₹ $\displaystyle 20$,000. (vi) Tina's loan of ₹ $\displaystyle 15,000$ was paid through a cheque.
Marking-scheme solution
Books of Tina and Rina
Journal
L.F Debit Credit
Amount Amount
Date Particulars
(₹) (₹)
(i)Tina’s Capital A/c Dr $\displaystyle 16,000$
To Realisation A/c $\displaystyle 16,000$
(An unrecorded asset taken over by
Tina, a partner)
(ii)
Realisation A/c Dr $\displaystyle 23,000$
To Rina’s Capital A/c $\displaystyle 23,000$
(Loan taken over by Rina, a partner)
-- --
(iii) No Entry
(iv)
Realisation A/c Dr
$\displaystyle 40,000$
To Rina’s Capital A/c
(Dissolution expenses paid by Rina
$\displaystyle 40,000$
credited to her capital account)
(v)
Realisation A/c Dr
$\displaystyle 18,800$
To Bank/ Cash A/c
(Creditors paid in full settlement of
$\displaystyle 18,800$
their account)
(vi)
Tina’s Loan A/c Dr
$\displaystyle 15,000$
To Bank A/c
$\displaystyle 15,000$
(Settlement of partner’s Loan)
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CBSE Class 12 Accountancy past-paper question from the 2023board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.