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On the day of… (Class 12 Accountancy SQP 2023-24, Q16)

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AccountancyCBSE Class 12 · Sample paper, session 2023-24 · 1 mark · MCQ

CBSE Class 12 Accountancy sample paper 2023-24: question 16

From the official CBSE sample question paper for 2023-24, section A, question 16, for 1 mark. Try it first; the hints and our step-by-step solution are below.

Q16 · 1 mark · MCQDissolution of Partnership Firm

On the day of dissolution of the firm 'Roop Brothers' had partner's capital amounting to ₹1,50,000, external liabilities ₹35,000, Cash balance ₹8,000 and P&L A/c (Dr.) ₹7,000. If Realisation expense and loss on Realisation amounted to ₹5,000 and ₹25,000 respectively, the amount realised by sale of assets is:

  1. (A)₹1,64,000
  2. (B)₹1,45,000
  3. (C)₹1,57,000
  4. (D)₹1,50,000

Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2023-24.

Hints

Open one hint at a time and try again before the next.

Hint 1

Find the book value of the assets from the balance sheet equation.

Hint 2

Loss on realisation = assets + expenses − amount realised.

Step-by-step solution

Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.

  1. Other assets (excluding cash and the P&L debit balance) = capital ₹ 1,50,000 + liabilities ₹ 35,000 − cash ₹ 8,000 − P&L ₹ 7,000 = ₹ 1,70,000.

  2. Realisation A/c: assets ₹ 1,70,000 + expenses ₹ 5,000 − loss ₹ 25,000 = amount realised ₹ 1,50,000 (liabilities paid at book value cancel out). Option (D).

    1 mark

Answer: (D) ₹1,50,000

Where the marks are

  • Book value of assets ₹ 1,70,000 adjusted for expenses and loss (1 mark)

Revise the chapter

Practise this chapterBoard-style questions from Dissolution of Partnership Firm, one at a time, marked against the answer key and marking points.Back to the full paperSample paper 2023-24: every question, by section.

The question is transcribed from the official paper; figures are described in words. The solution, hints and chapter tag are ours. Spotted an error? Write tosupport@questionbuddy.in.