[ISC] Q. 8 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)
Solution to Question number 8 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.
Ankur Aditya and Pankaj were partners sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2022, their Balance Sheet was as follows:
| Liabilities | ₹ | Assets | ₹ | |
| Capital A/cs: Ankur Aditya Pankaj Reserve Creditors | 30,000 24,000 12,000 15,000 24,000 | Cash at Bank Debtors Less: PDD Stock Furniture Building Advertisement Suspense | 16,000 4,00 | 24,400 15,600 12,000 4,000 44,000 5,000 |
| 1,05,000 | 1,05,000 |
The firm was dissolved on that date. The assets realised were as follows:
| Debtors | ₹ 14,000 |
| Stock | ₹ 10,000 |
| Furniture | ₹ 2,000 |
| Building | ₹ 50,000 |
Creditors were settled for ₹ 22,000. It was noticed that a liability of ₹ 6,000 for damages existed which had to be paid. Realisation Expenses amounted to ₹ 2,000.
Prepare Realisation Account, Partner’s Capital Account and Bank Account to close the books of the firm.
Solution:-
