[CBSE] Q. 30 Solution of Dissolution of Partnership Firm Chapter TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 30 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 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

Liabilities	₹	Assets	₹
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
	1,90,200		1,90,200

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. Total of Cash Account – ₹ 1,64,650.]

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