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

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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:

LiabilitiesAssets
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
2,71,0002,71,000

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:-

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Anurag Pathak

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