[ISC] Q. 13 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)

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Solution to Question number 13 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.

Sunil, Pawan and Manish were equal partners. On 31st March, 2024, their Balance Sheet stood as follows:

LiabilitiesAssets
Creditors
General Reserve
Sunil’s Capital A/c
Pawan’s Capital A/c
Manish’s Capital A/c
50,400
12,000
30,000
25,000
15,000
Cash
Accrued Income
Stock
Debtors
Investments
Furniture
Building
3,700
2,000
20,100
62,600
16,000
4,500
23,500
1,32,4001,32,400

The firm was dissolved on that date. Sunil took the Investments. Building realised ₹ 29,600, Stock ₹ 30,000 and Debtors realised ₹ 52,000.

Expenses of Realisation were ₹ 1,200.

Creditors allowed a discount of ₹ 800. In addition, on Bill Receivable for ₹ 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay any amount.

Prepare Realisation Account, Partner’s Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners.

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