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

Solution to Question number 12 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 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, 2023 was as follows:

Liabilities	₹	Assets	₹
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
	3,18,000		3,18,000

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:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31