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Accountancy · 2024 · 6 marks
Dissolution of Partnership FirmAccounting Treatment on Dissolution of a Partnership Firm6 markslong answer
CBSE 2024 · Region 4 · Set 3 · Q25
Pass the necessary journal entries for the following transactions on the dissolution of the partnership firm of Mohit and Rohit after the various assets (other than cash and bank) and the third party liabilities have been transferred to realisation account : (i) A machine which was not recorded in the books was taken over by Mohit at ₹ $\displaystyle 7,000$, whereas its expected value was ₹ $\displaystyle 10$,000. (ii) Rohit's loan of? $\displaystyle 15,000$ was settled at ₹ $\displaystyle 13$,500. (iii) The firm had investments of ₹ $\displaystyle 1,00$,000. Mohit took over $\displaystyle 50$% of the investments at a discount of $\displaystyle 10$%, while the remaining investments were sold off for ₹ $\displaystyle 60$,000. (iv) Realisation expenses amounted to ₹ $\displaystyle 23$,000. (v) Sundry creditors amounting to ₹ $\displaystyle 45,000$ were settled at a discount of ₹ $\displaystyle 2$,000. (vi) Loss on realisation ₹ $\displaystyle 12,000$ was divided between the partners in their profit sharing ratio.
Marking-scheme solution
Books of Mohit & Rohit
L. Debit Credit
Date Par'culars F Amount Amount
(₹) (₹)
(i) Mohit’s Capital A/c Dr $\displaystyle 7,000$
To Realisa-on A/c $\displaystyle 7,000$
(Machine taken over by Mohit, a partner)
$\displaystyle 15,000$
(ii)
Rohit’s Loan A/c Dr
$\displaystyle 13,500$
To Cash / Bank A/c
$\displaystyle 1,500$
To Realisa-on A/c
(Partner’s loan account seVled)
___________________________________
$\displaystyle 45,000$
(iii)
Mohit’s Capital A/c Dr
$\displaystyle 60,000$
Cash/ Bank A/c Dr
$\displaystyle 1,05,000$
To Realisa-on A/c
(Investments taken over by partner
par-ally and remaining realised)
(iv)
Realisa-on A/c Dr
$\displaystyle 23,000$
To Cash / Bank A/c
$\displaystyle 23,000$
(Realisa-on expenses paid)
$\displaystyle 43,000$
(v)
Realisa-on A/c Dr
To Cash / Bank A/c $\displaystyle 43,000$
( Creditors seVled at discount)
___________________________________
$\displaystyle 6,000$
(vi)
Mohit’s Capital A/c Dr
$\displaystyle 6,000$
Rohit’s Capital A/c Dr
$\displaystyle 12,000$
To Realisa-on A/c
(Loss on realisa-on transferred to Partners’
Capital A/c)
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CBSE Class 12 Accountancy past-paper question from the 2024board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.