[ISC] Q. 11 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

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Are you looking for the solution to Question number 11 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 Edition for the ISC Board?

Ritvik, Shom and Mohit were in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows:

LiabilitiesAssets
Capital A/cs:
Ritvik
Shom
Mohit
Reserve
Employee’s Provident Fund
Provision for Depreciation
Creditors
72,000
51,600
62,400
18,000
18,000
30,000
66,000
Building
Plant
Stock
Computers
Debtors
Accrued Commission
Cash
60,000
1,32,000
36,000
37,200
30,000
6,000
16,800
3,18,0003,18,000

The firm was dissolved on the above date. The terms of the dissolution were:

(i) Ritvik took building at book value and agreed to pay the creditors.

(ii) Accrued Commission was not collected whereas a contingent liability of ₹ 3,600 was paid.

(iii) Other assets realised: Plant ₹ 1,50,000; Stock ₹ 30,000; Debtors ₹ 27,600; Computer ₹ 37,200.

(iv) Realisation Expenses were ₹ 3,600.

(v) A car which was written off from the books was taken by Ritvik for ₹ 24,000. He also agreed to pay Outstanding Salary of ₹ 24,000 which was not provided in the books.

Prepare Realisation Account, Capital Accounts of Partners and Cash Account.

Solution:-

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