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

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Solution to Question number 12 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 Edition for the ISC Board?

Arman, Naresh and Atil are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. They dissolved the firm on 31st March, 2022. Following is the Balance Sheet on the date of dissolution:

LiabilitiesAssets
Capital A/cs:
Arman
Naresh
Atil
Bank Loan (including interest of ₹ 3,000)
Sundry Creditors
1,80,000
1,20,000
60,000
60,000
1,20,000
Goodwill
Machinery
Furniture
Stock
Debtors
Cash
60,000
2,50,000
30,000
1,00,000
60,000
40,000
5,40,0005,40,000

Following assets were realised in cash: Machinery at ₹ 2,20,000; 50% of the Stock at 30% less than the book value and Debtors were collected at 15% less than their book value. Remaining 50% of the Stock was taken by Arman at ₹ 32,000. Furniture was taken by Naresh at 20% less than the book value. Goodwill could not be realised.

Realisation Expenses were ₹ 3,000, which were paid by Arman.

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

Solution:-

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