[ISC] Q. 15 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Solution to Question number 15 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Atul and Basu are in partnership sharing profits and losses in the ratio of 3 : 2. On 31st March, 2023, they decided to dissolve the firm and the Balance Sheet of the firm on this date is as follows:

Liabilities	₹	Assets		₹
Creditors Loan from Atul Workmen Compensation Reserve Capital A/cs: Atul Basu	20,000 16,000 25,000 1,20,000 90,000	Cash at Bank Sundry Debtors Less: PDD Loan to Basu Stock Investments Machinery Land and Building	40,000 1,800	8,000 38,200 10,000 54,800 20,000 40,000 1,00,000
	2,71,000			2,71,000

In order to give effect to the above decision, draw up the Realisation Account, Partner’s Capital Accounts and the Bank Account after taking the following into consideration:

(i) Assets realised as follows: Stock – ₹ 45,000; Machinery 20% less than book value, Debtors ₹ 35,000. Land and Building ₹ 30,000 more than the book value.

(ii) Atul took investments at an agreed value of ₹ 15,000.

(iii) Creditors agreed to accept 5% less.

(iv) Atul, who carried out the dissolution was to be paid ₹ 1,200 (including expeses). Realisation expenses were ₹ 1,200 which were paid by the firm.

(v) There was an old computer in the firm which had been written off completely from the books. It is now sold for ₹ 5,000.

Solution:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31