[ISC] Q. 18 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

Are you looking for the solution to Question number 18 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 Edition for the ISC Board?

Following is the Balance Sheet of Bharat and Bhushan as at 31st March, 2023:

The firm was dissolved on 31st March, 2022. On dissolution:

(i) Bharat undertook to pay Mrs. Bharat’s loan and took Stock at 20% discount.

(ii) Bhushan took 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, 2022 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 Bhushan at this price.

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

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

Solution:-

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