[CBSE] Q. 28 Dissolution of Partnership Firm Solution TS Grewal Class 12 2024-25

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Solution to Question number 28 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the CBSE Board.

Shilpa, Meena and Nanda decided to dissolve their partnership on 31st March, 2023. Their Profit sharing ratio was 3 : 2 : 1 and their Balance Sheet was as under:

Balance Sheet of Shilpa, Meena and Nanda as on 31st March, 2023

LiabilitiesAssets
Capital A/cs:
Shilpa
Meena
Bank Loan
Creditors
Provision for Doubtful Debts
General Reserve
80,000
40,000
20,000
37,000
1,200
12,000
Land
Stock
Debtors
Nanda’s Capital
Cash
81,000
56,760
18,600
23,000
10,840
1,90,2001,90,200

It is agreed as follows:

The stock of value of ₹ 41,660 are taken over by Shilpa for ₹ 35,000 and she agreeed to pay bank loan. The remaining stock was sold at ₹ 14,000 and debtors amounting to ₹ 10,000 realised ₹ 8,000. Land is sold for ₹ 1,10,000. The remaining debtors realised 50% at their book value. Cost of realisation amounted to ₹ 1,200. There was a typewriter not recorded in the books worth of ₹ 6,000 which were taken over by one of the Creditors at this value. Prepare Realisation Account, Partner’s Capital Accounts and Cash Account to close the books of the firm.

[Ans.: Gain (Profit) on Realisation – ₹ 20,940; Final Payments: Shilpa – ₹ 81,470; Meena – ₹ 50,980; Amount brought in by Nanda – ₹ 17,510.

Solution:-

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Anurag Pathak

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