[ISC] Q. 13 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)
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:
| Liabilities | ₹ | Assets | ₹ |
| 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 |
| 1,32,400 | 1,32,400 |
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.
