[ISC] Q. 19 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)

Solution to Question number 19 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.

Daman, Nimrat and Mahesh are sharing profits as 2 : 3 : 5 and their Balance Sheet as at 31st March, 2024 is as follows:

Liabilities	₹	Assets	₹
Capital A/cs: Daman Nimrat Mahesh Employee’s Provident Fund General Reserve Bank Loan Loan by Daman Sundry Creditors	2,10,000 2,70,000 3,30,000 80,000 10,000 2,60,000 3,90,000 2,00,000	Building Computers Stock Sundry Debtors Cash at Bank Profit & Loss A/c Advertisement Suspense A/c	6,00,000 1,20,000 4,80,000 3,60,000 1,80,000 6,000 4,000
	17,50,000		17,50,000

The firm was dissolved on the above date. Close the books of the firm on the basis of the following information:

(i) An unrecorded asset was realised at ₹ 45,000.

(ii) A debt of ₹ 1,50,000 previously written off as bad was received.

(iii) Sundry Creditors took some computers in part payments of ₹ 1,20,000. They were paid the balance at 10% discount. The remaining Computers were sold for ₹ 18,000.

(iv) Building realised ₹ 5,85,000 and Sundry Debtors realised ₹ 3,30,000.

(v) Stock was sold for ₹ 2,30,000 under the supervision of Bank. The amount realised from sale of stock and further ₹ 30,000 was paid to Bank to settle its loan amount.

(vi) Nimrat was to get a remuneration of ₹ 36,000 for completing the dissolution process and she had to bear Realisation Expenses which amounted to ₹ 33,600 paid by the firm.