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

Solution to Question number 12 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.

Following was the Balance Sheet of Komal, Amar and Prakash as at 31st March, 2023:

Liabilities	₹	Assets	₹
Creditors Bills Payable Loan by Akash Loan by Raman General Reserve Capital A/cs: Komal Prakash	1,50,000 30,000 24,000 36,000 60,000 3,00,000 4,50,000	Bank Debtors Stock Furniture Land and Building Amar’s Capital	60,000 90,000 60,000 45,000 7,35,000 60,000
	10,50,000		10,50,000

The firm was dissolved on the above date on the following terms:

(i) Debtors realised ₹ 84,000; Creditors and Bills Payable were paid at a discount of 10%.

(ii) Stock was taken by Prakash for ₹ 45,000 and Furniture was sold to Pawan by Cheque 20% less than its book value.

(iii) Land and Building were sold for ₹ 8,40,000.

(iv) Firm had an unrecorded asset which realised ₹ 3,00,000.

(v) Komal carried out dissolution. He was to bear the realisation expenses. He paid realisation expenses of ₹ 5,000.

Prepare Realisation Account, Capital Accounts of Kamal, Akash and Pritam and Bank Account.

Solution:-