[ISC] Q. 1 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2026-27)

Solution to Question number 1 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2026-27 Edition for the ISC Board?

Hemant and Pankaj were partners sharing profits & losses in the ratio of 3: 2. The firm was dissolved on 31st March, 2025 and the following balances were appearing in the books of the firm:

(a) Hemant’s Loan 80,000
(b) Ruby’s Loan 50,000
(c) Creditors 1,00,000
(d) Capital Balances after all adjustments-Hemant 1,60,000 and Pankaj-1,40,000

Assets of the firm realised at ₹ 6,00,000.

You are required to show the amounts and order of payments as per Section 48 of Indian Partnership
Act 1932 at the time of dissolution of the firm.

Solution:-