[ISC] Q. 18 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)

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Solution to Question number 18 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.

Following is the Balance Sheet of Puneet and Hemant as at 31st March, 2024:

LiabilitiesAssets
Sundry Creditors
Bills Payable
Loan from Reema
Loan from Rajni
Workmen Compensation Reserve
Capital A/cs:
Puneet
Hemant
3,00,000
80,000
50,000
1,00,000
1,00,000

1,00,000
1,00,000
Cash at Bank
Accrued Income
Prepaid Expenses
Stock
Investments
Debtors
Less: Provision for Doubtful Debts
Fixed Assets
Profit & Loss A/c
2,00,000
20,000
85,000
4,000
1,000
50,000
1,00,000


1,80,000
3,80,000
30,000
8,30,0008,30,000

The firm was dissolved on 31st March, 2024. On dissolution:

(i) Puneet undertook to pay Reema’s loan and took stock at 20% discount.

(ii) Hemant tool half the Investments at 10% discount.

(iii) Debtors falling due after 10 months were realised at a discount of 6% p.a.

(iv) Creditors and Bills Payable were due on an average basis of one month after 31st March, 2024 but they were paid immediately @ 6% p.a. discount.

(v) Fixed Assets realised ₹ 7,10,000 and remaining Investments at ₹ 45,000.

(vi) There was old Furniture in the firm which had been written off completely from the books. It is now estimated to realise ₹ 3,000. It was taken by Hemant at this price.

(vii) Puneet was assigned the work of dissolution for a remuneration of ₹ 5,000. Dissolution expenses were ₹ 5,000 which were paid by Punnet.

Prepare Realisation Account, Partner’s Capital Accounts and bank Account in the books of the firm.

Solution:-

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Anurag Pathak

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