[ISC] Q. 20 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 20 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Desh, Prem and Azad carrying on business and sharing profits and losses in the ratio of 2 : 2 : 1, dissolved their firm as at 31st March, 2022 on which date their Balance Sheet was as follows:

LiabilitiesAssets
Sundry Creditors
Bills Payable
Bank Loan
General Reserve
Investments Fluctuation Reserve
Capital A/cs:
Desh
Prem
Azad
41,500
20,000
40,000
50,000
40,000
75,000
75,000
15,000
Cash at Bank
Stock
Debtors
Less: PDD
Investments
Premises
50,000
2,500
22,500
80,000
47,500
55,000
1,51,500
3,56,5003,56,500

Following transactions took place at the time of dissolution:

(i) A bill for ₹ 5,000 received from Mohan discounted from bank is not met on maturity. Mohan proved insolvent and a dividend of 50% was received from his estate.

(ii) The assets except Cash at Bank and Investments were sold to a company which paid ₹ 3,25,000 in cash. The Investments were sold and ₹ 56,500 were received.

(iii) Sundry Creditors (including Bills Payable) were paid ₹ 57,500 in full settlement.

(iv) Realisation Expneses were ₹ 15,000.

Prepare Realisation Account, Partner’s Capital Accounts and Bank Account.

Solution:-

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