[CBSE] Q. 21 Dissolution of Partnership Firm Solution TS Grewal Class 12 2024-25
Solution to Question number 21 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the CBSE Board.
Pradeep and Paresh partners in a firm decided to dissolve their partnership firm on 1st April, 2024. Pradeep was deputed to realise the assets and to pay off the liabilities. He was paid ₹ 10,000 as commission for his services. Balance Sheet of the firm on 31st March, 2024 was as follows:
Balance Sheet as at 31st March, 2024
Liabilities | ₹ | Assets | ₹ | |
Sundry Creditors Mrs. Pradeep’s Loan Paresh’s Loan Investment Fluctuation Reserve Capital A/cs: Pradeep Paresh | 1,29,400 40,000 24,000 8,000 1,21,000 1,21,000 | Building Investment Debtors Less: Provision for Doubtful Debts Bank Profit & Loss A/c Goodwill | 71,400 4,000 | 3,00,000 30,000 67,400 16,000 20,000 10,000 |
4,43,400 | 4,43,400 |
Following terms and conditions were agreed upon:
(a) Pradeep agreed to pay his wife’s loan.
(b) Investment was given to Paresh for ₹ 27,000.
(c) BUilding realised ₹ 3,50,000.
(d) Creditors were to be paid after two months, they were paid immediately at 10% p.a. discount.
(e) Realisation expenses were ₹ 2,500.
Prepare Realisation Account.
[Ans.: Realisation Gain – ₹ 38,657; Payment to Creditors – ₹ 1,27,243.]
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Solution:-
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