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

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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:

LiabilitiesAssets
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
10,50,00010,50,000

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:-

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