Chapter : Dissolution
Q: 1 A partner has given a loan of Rs 1,00,000 to the
firm. Upon Dissolution, this liability is settled at Rs 90,000.
Write journal entries relating to this transaction.
Q:2 D’s Capital A/c
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Particulars
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Rs
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Particulars
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Rs
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To
Realisation A/c
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25,000
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By
balance b/d
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10,000
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By
General reserve
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5,000
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D has given a loan to the firm for Rs 15,000.
Show the settlement of D’s capital and D’s loan.
Q:3 D’s Capital A/c
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Particulars
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Rs
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Particulars
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Rs
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To
Balance b/d
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20,000
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By
Realisation A/c
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5,000
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By
General reserve
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25,000
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D has given a loan to the firm for Rs 12,000.
Show the settlement of D’s capital and D’s loan.
Q:4 Whose loan will be paid first-
Partner’s loan or Partner’s wife’s loan?
Q:5 what will be the treatment of the following in case
of dissolution?
i)
Debit balance of partner’s current A/c
ii)
Credit balance of partner’s current A/c
Q:6 On dissolution, partner’s claim after all adjustments
was Rs 10,000. Is paid by the firm in
cash. Pass the journal entry.
Q:7 What is the treatment of Goodwill in case of
dissolution?
Q:8 what is the nature of Realisation A/c?
Q:9 BALANCE SHEET
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Particulars
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Rs
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Particulars
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Rs
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Sundry
Assets
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17,000
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i)
B takes over some of the sundry assets at Rs
7,200(being 10% less than the book value)
ii)
C is to take over the remaining sundry assets
at 90 % of the book value less Rs 100 as discount.
Give
the accounting treatment through Realisation A/c.
Q: 10 i) Z, one
of the partner, was to receive Rs 5,000 as remuneration for completing the
dissolution work and was to bear realization expenses were Rs 3,000 paid by the
firm.
iii)
Z,
one of the partner, was to receive 3% of the value of assets realised as
remuneration for completing the dissolution work and was to bear realization
expenses. Realisation expenses were Rs 5,000 paid by the Z. The assets
(including cash at bank Rs 8,000) realized Rs 1,58,000.
iv)
Z, one of the partner, was to receive 2% of
the value of assets realised and 10% of the amount finally paid to partners as
remuneration for completing the dissolution work and was to bear realization
expenses. Realisation expenses were Rs 5,000. The assets (including cash at
bank Rs 6,000) realized Rs 3,06,000 and cash paid to creditors Rs 80,000.
Q:11 The Balance Sheet of a firm disclosed as a footnote,
contingent liability for Rs 5,000 in respect of a bill discounted. The bill was
received from Z. Later on it was learnt that Z became insolvent and a dividend
of 60% was received from his estate. Give the journal entry.
Q:12 give the necessary entries at the time of
dissolution for settlement of Partner’s loan :
i)
Loan
from X (a partner) Rs 25,000, X’s Capital A/c( credit balance) Rs 30,000.
ii)
Loan
from X (a partner) Rs 25,000, X’s Capital A/c( debit balance) Rs 26,000.
iii)
Loan from X (a partner) Rs 25,000, X’s
Capital A/c( debit balance) Rs 16,000
Q:13What is the accounting treatment of Investment
Fluctuation Reserve when Investments as shown in the firm’s Balance Sheet are
transferred to Realisation Account and are sold to a person other than a
partner a partner at their book value, at the time of dissolution of the firm?
Q:14 How will you treat Accumulated Profits/ Losses at
the time of dissolution of the firm?
Q:15 Fixed assets of Rs 51,000 appear in the Balance
Sheet on the date of dissolution of the firm. They realized at a loss of 2% on
net collection . What amount is collected?
Q:16 On dissolution of a partnership firm, the book value
of assets (other than cash and bank ) transferred to Realisation was Rs Rs
2,00,000. 50% of the assets were taken by the partner X at a discount of 20%.
40% of the remaining assets were sold at a profit of 30% on cost and 5% of the
balance being obsolete realized nothing. The remaining assets were taken by a
creditor in full settlement.
Give journal entries.
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