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

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

Amit, Bachan and Charnesh sharing profits in the ratio of 2 : 2 : 1 agreed upon dissolution of their partnership on 31st March, 2022 on which date their Balance Sheet was as under:

Liabilities	₹	Assets		₹
Capital A/c – Amit Capital A/c – Bachan General Reserve Creditors Outstanding Rent Investments Fluctuation Reserve	80,000 60,000 70,000 37,000 4,000 1,000	Fixed Assets Insurance Claim Receivable Debtors Less: PDD Stock Investments Bank Capital A/c – Charnesh	20,000 1,000	1,00,000 50,000 19,000 16,000 16,000 47,000 4,000
	2,52,000			2,52,000

(i) Investments were taken by Amit at ₹ 12,000; Creditors of ₹ 20,000 were taken by Bachan who has agreed to settle account with them at ₹ 19,800. Remaining Creditors were paid at ₹ 15,000.

(ii) Insurance Claim received ₹ 40,000 and Fixed Assets realised ₹ 1,40,000.

(iii) Stock and Debtors realised ₹ 14,000 and ₹ 18,000 respectively.

(iv) One customer, whose account was written off as bad, now paid ₹ 1,600 which is not included in ₹ 18,000 above.

(v) There was one unrecorded asset valued at ₹ 6,000, half of which was given to an unrecorded creditor of ₹ 10,000 in settlement of claim of ₹ 5,000 and remaining half was sold in the market which realised ₹ 2,600.

Bachan took the responsibility of completing dissolution at a salary of ₹ 800 per month. Dissolution Expenses were to be borne by Bachan. Realisation Expenses amounting to ₹ 2,200 were paid by the firm. Dissolution was completed and final payments were made on 30th July, 2022.

You are required to prepare Realisation Account, Partner’s Capital Accounts

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