[ISC] Q. 10 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 10 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Dipali and Rajashri are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to dissolve their firm on 31st March, 2023, when their Balance Sheet was as follows:

LiabilitiesAssets
Capital A/cs:
Dipali
Rajashri
Sundry Creditors
Profit and Loss A/c

17,500
10,000
2,000
1,500
Freehold Property
Investments
Sundry Debtors
Stock
Bank
Cash
16,000
4,000
2,000
3,000
2,000
4,000
31,00031,000

The partners decided to dissolve the firm on the above date. Dipali took the investments at an agreed value of ₹ 3,800. Other assets were realised as follows:

Freehold Property ₹ 18,000; Sundry Debtors ₹ 1,800; Stock ₹ 2,800.

Creditors of the firm agreed to accept 5% less. Expenses on Realisation on assets were ₹ 400. There was a printer in the firm which was not shown in the above Balance Sheet. The Printer is now sold for ₹ 1,000.

Prepare Realisation Account, Partner’s Capital Accounts and Bank Account.

Solution:-

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