[ISC] Q. 19 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

Are you looking for the solution to Question number 19 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 Edition for the ISC Board?

Dev, Narain and Manoj are sharing profits as 2 : 3 : 5 and their Balance Sheet as at 31st March, 2022 is as follows:

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 a computer included in Equipments, in part payments of ₹ 1,20,000. They were paid the balance at 10% discount. The remaining Equipments 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) Narain was to get a remuneration of ₹ 36,000 for competing the dissolution process and he had to bear Reasliation Expenses which amounted to ₹ 33,600 paid by the firm.

Solution:-

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