[ISC] Q. 13 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

Are you looking for the solution to Question number 13 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 Edition for the ISC Board?

Following was the Balance Sheet of Kamal, Akash and Pritam as at 31st March, 2022:

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 Pritam for ₹ 45,000 and Furniture was sold to Ramesh 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) Kamal 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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