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Dissolution of a Partnership Firm 5.29

GUIDE TO ANSWERS

1. Gain (Profit) on Realisation—` 1,87,500; Final Payment to A—` 51,000; Amount brought in by
B—` 9,000 and C—` 34,500. Total of Bank A/c—` 1,18,500.
3. (i) Dr. Bank A/c and Cr. Realisation A/c—` 9,500*.
(ii) Dr. Realisation A/c and Cr. Bank A/c—` 7,000**.
*` 20,000 (Unrecorded Assets) – of ` 20,000 (Settlement of Liability)—` 500 = ` 9,500.
**` 20,000 – ` 13,000 = ` 7,000.
4. Gain (Profit) on Realisation—` 9,800; Final Payment: Rahul—` 35,900; Rohit—` 13,900. Total of Bank
Account—` 1,01,000.
5. Loss on Realisation—` 31,000; Final Payment: A—` 24,500; B—` 18,500. Total of Cash Account—
` 83,000.
6. Sundry Assets on the date of dissolution were: ` 21,250; Gain (Profit) on Realisation: ` 2,750;
Final Payment: A—` 8,750; B—` 5,000. Total of Bank Account—` 24,000.
7. Loss on Realisation—` 6,000; Final Payment: A—` 100; B—` 1,300; Cash brought in by C—` 400. Total
of Bank Account—` 1,400.
8. Total Sundry Assets—` 94,000; Loss on Realisation—` 3,500; X receives—` 51,900; and Y receives—
` 28,600. Total of Bank Account—` 88,500.