[ISC] Q. 15 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)
Solution to Question number 15 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.
Harish, Sunil and Tarun were in a partnership sharing profits and losses equally. Their Balance Sheet as at 31st March, 2022 was as under:
| Liabilities | ₹ | Assets | ₹ |
| Capital A/cs: Harish Sunil Tarun Creditors Bills Payable | 1,00,000 1,00,000 1,00,000 90,000 10,000 | Machinery Furniture Debtors Investments Bills Receivable Stock Cash at Bank | 80,000 50,000 20,000 60,000 10,000 1,00,000 80,000 |
| 4,00,000 | 4,00,000 |
On 1st April, 2022 It was decided that the firm would be dissolved, subject to the following adjustments:
(i) Investments were sold and amount realised was ₹ 90,000.
(ii) Machinery realised at 70% of the book value.
(iii) Furniture was taken by Tarun at a market value of ₹ 38,000.
(iv) Bills Receivable and Debtors had to be discounted at 5%.
(v) Stock comprised:
(a) Easily Marketable Items: 70% of the total inventory which were realised in full.
(b) Obsolete Items: 10% of the total inventory which had to be discarded.
(c) Rest of the items in the Stock realised 50% of their book value.
(vi) A liability of ₹ 2,500 which had not been recorded in the books of the firm had to be settled by the firm before its dissolution.
You are required to prepare Realisation Account.
Solution:-
