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

Share your love

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:

LiabilitiesAssets
Sundry Creditors
Bills Payable
Loan from Mrs. Bharat
Loan from Mrs. Bhushan
Workmen Compensation Reserve
Capital A/cs:
Bharat
Bhushan
3,00,000
80,000
50,000
1,00,000
1,00,000

1,00,000
1,00,000
Cash at Bank
Stock
Investments
Debtors
Less: PDD
Fixed Assets
Profit and Loss A/c
Advertisement Suspense A/c
2,00,000
20,000
85,000
50,000
1,00,000

1,80,000
3,80,000
30,000
5,000
8,30,0008,30,000

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:-

Here is the list of solutions

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NSolutions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
31Question – 31
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 5884

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh