[ISC] Q. 20 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

Are you looking for the solution to Question number 20 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 Edition for the ISC Board?

Basu, Bose and Chitra are partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2022 was as under:

Liabilities	₹	Assets	₹
Trade Creditors Workmen Compensation Reserve Employees’ Provident Fund Loan from Mrs. Basu Basu’s Capital Bose’s Capital Chitra’s Capital Basu’s Current A/c Bose’s Current A/c Profit and Loss A/c	60,000 10,000 5,000 5,000 2,00,000 1,50,000 1,50,000 25,00 17,000 50,000	Bank Debtors Stock Furniture Patents Building Chitra’s Current A/c	70,000 50,000 60,000 1,25,000 35,000 3,20,000 12,000
	6,72,000		6,72,000

The firm was dissolved on the above mentioned date.

Following transactions took place at the time of dissolution:

(i) Realisation Expenses were to be borne by Basu for which he was to get ₹ 10,000. Realisation Expenses of ₹ 12,000 were paid out of firm’s Bank Account.

(ii) Bose took stock for ₹ 55,000 and Chitra took Building for ₹ 4,00,000.

(iii) Other assets realised as follows: Debtors ₹ 48,000; Furniture ₹ 97,000.

(iv) Trade Creditors were settled by paying ₹ 55,000.

(v) Accounts of partners were settled after realising assets and paying outside liabilities.

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

Solution:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31