[ISC] Q. 7 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Solution to Question number 7 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Balance Sheet of a firm as at 31st March, 2023 was as under:

Liabilities	₹	Assets	₹
Simran’s Capital Pooja’s Capital Shweta’s Capital Sundry Creditors Profit & Loss A/c	50,000 40,000 30,000 20,000 15,000	Machinery Investments Sundry Debtors Cash at Bank Stock	80,000 20,000 10,000 30,000 15,000
	1,55,000		1,55,000

The partnership was dissolved on the above date. You are given following information about dissolution:

(i) Simran took investments at 5% less than the book value.

(ii) Other Assets realised as follows:

Machinery ₹ 90,000; Debtors ₹ 9,000 and Stock ₹ 14,000.

(iii) Creditors were paid at a discount of 5%.

(iv) Dissolution expenses amounted to ₹ 2,000.

You are required to prepare:

(a) Realisation Account,

(b) Capital Accounts of the partners, and

(c) Bank Account.

Solution:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31