[CBSE] Q. 21 Dissolution of Partnership Firm Solution TS Grewal Class 12 2024-25

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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

LiabilitiesAssets
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
4,43,4004,43,400

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.]

Solution:-

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Anurag Pathak
Anurag Pathak

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2 Comments

  1. In a comment, a discrepancy was brought to your attention, kindly ignore it. That was an error on my part.
    Thank you
    Regards

  2. There’s a discrepancy in the gain calculation. While the answer provided is Rs. 38,657 and it matches what’s in the book, the actual calculation, considering all entries, should result in Rs. 48,657. It seems that an error of Rs. 10,000 was overlooked. Both the credit and debit sides have correct entries, so the gain should reflect Rs. 48,657, not Rs. 38,657. Please rectify this mistake and adjust the entries accordingly to reflect the correct gain.

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