List of top Accountancy Questions on Dissolution of Partnership Firm asked in CBSE CLASS XII

Rishika and Shivika were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows: 
Balance Sheet of Rishika and Shivika as at 31st March, 2024

Liabilities Amount (₹)AssetsAmount (₹)
Capitals:  Equipment45,00,000
 Rishika – ₹30,00,000
 Shivika – ₹20,00,000		50,00,000Investments5,00,000
Shivika’s Husband’s Loan5,00,000Debtors35,00,000
Creditors40,00,000Stock8,00,000
  Cash at Bank2,00,000
Total95,00,000Total95,00,000

The firm was dissolved on the above date and the following transactions took place: 
(i) Equipements were given to creditors in full settlement of their account. 
(ii) Investments were sold at a profit of 20% on its book value. 
(iii) Full amount was collected from debtors. 
(iv) Stock was taken over by Rishika at 50% discount. 
(v) Actual expenses of realisation amounted to ₹ 2,00,000 which were paid by the firm. Prepare Realisation Account.

Manav and Namit were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2024 was as follows:

Liabilities Assets
Capitals: Machinery₹8,00,000
Manav₹4,00,000Investments₹5,00,000
Namit₹6,00,000Debtors₹12,00,000
Bank Overdraft₹9,00,000Stock₹3,00,000
Creditors₹10,00,000Cash in Hand₹1,00,000
Total₹29,00,000Total₹29,00,000

The firm was dissolved on the above date and the following transactions took place: 
[(i)] Stock was given to creditors in full settlement of their account. 
[(ii)] Investments were taken over by Manav at 120% of book value. 
[(iii)] Bad debts amounted to ₹ 2,00,000. 
[(iv)] Machinery was realised at 50% discount. 
[(v)] Realisation expenses amounted to ₹ 1,00,000 which were paid by Namit.
Prepare Realisation Account.

Balance Sheet of Madhav, Raghav, and Purav as at 31st March, 2023: \[ \begin{array}{|l|c|} \hline \textbf{Liabilities} & \textbf{Amount (Rs.)} \\ \hline \text{Creditors} & 1,00,000 \\ \text{General Reserve} & 50,000 \\ \text{Capitals:} & \\ \text{Madhav} & 60,000 \\ \text{Raghav} & 1,00,000 \\ \text{Purav} & 40,000 \\ \hline \textbf{Total Liabilities} & \textbf{3,50,000} \\ \hline \textbf{Assets} & \textbf{Amount (Rs.)} \\ \hline \text{Bank} & 20,000 \\ \text{Stock} & 1,10,000 \\ \text{Investment} & 70,000 \\ \text{Furniture} & 35,000 \\ \text{Building} & 1,15,000 \\ \hline \textbf{Total Assets} & \textbf{3,50,000} \\ \hline \end{array} \]
Purav’s Capital Account: \[ \begin{array}{|l|c|c|} \hline \textbf{Particulars} & \textbf{Dr. Amount (Rs.)} & \textbf{Cr. Amount (Rs.)} \\ \hline \text{To Drawings A/c} & 10,000 & \\ \text{To Purav’s Legal Representative A/c} & 75,400 & \\ \hline \text{By Balance b/d} & & 40,000 \\ \text{By Profit Share} & & 3,000 \\ \text{By Goodwill (50,000 × 3 × \frac{1}{5})} & & 30,000 \\ \text{By Interest on Capital (40,000 × 12% × 6/12)} & & 2,400 \\ \hline \textbf{Total} & \textbf{85,400} & \textbf{85,400} \\ \hline \end{array} \]
Ravi, Guru, Mani, and Sonu were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2023, Sonu retired.
On Sonu’s retirement, the Goodwill of the firm was valued at Rs.1,40,000.
The new profit-sharing ratio among Ravi, Guru, and Mani was 5 : 5 : 1.
Showing your workings clearly, pass the necessary Journal entry for the treatment of Goodwill in the books of the firm on Sonu’s retirement without opening the goodwill account.
Aditi, Sukriti and Niti were partners sharing profits in the ratio of 2 : 2 : 1. Sukriti died on 30 superscript{th June, 2023. Net profit for the year ended 31 superscript{st} March, 2023 was Rs.4,50,000. If the deceased partner’s share of profit is to be calculated on the basis of previous year’s profit, the amount of profit credited to Sukriti’s Capital Account will be:}
Kriti, Hina and Nidhi were partners sharing profits in the ratio of 3 : 2 : 1. Nidhi retired. On the date of her retirement, Workmen Compensation Fund stood in the Balance Sheet at Rs.1,50,000. Workmen Compensation Claim was Rs.1,20,000. How much amount of Workmen Compensation Fund will be credited to Nidhi’s Capital Account?