[ISC] Q. 10 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)

Share your love

Solution to Question number 10 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.

Amrit, Nikhil and Anuj 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:
Amrit
Nihil
Anuj
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

Assets realised in cash were: Machinery ₹2,20,000 and Debtors were collected at 15% less than their book value. 50% of the stock being obsolete was taken by Amrit for ₹ 17,000. Furniture was taken by Nihil at 20% less than the book value.

Realisation Expenses were ₹ 3,000, Which were paid by Amrit.

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

Solution:-

Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

Articles: 6553

Leave a Reply

Your email address will not be published. Required fields are marked *

x