[ISC] Q. 21 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 21 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Karam, Burman and Chaman are three partners sharing profits in the ratio of 3 : 1 : 1. On 31st March, 2022, they decided to dissolve their firm. On that date their Balance Sheet was as under:

LiabilitiesAssets
Creditors
Loan
General Reserve
Capital A/cs:
Karam
Burman
Chaman
6,000
1,500
10,000

24,500
9,000
6,000
Cash at Bank
Debtors
Less: PDD
Stock
Furniture
Sundry Assets
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Suspense A/c
24,200
1,200
3,200

23,000
7,800
1,000
17,000
5,000
57,00057,000

It is agreed that:

(i) Karam is to take over Furniture at ₹ 200 less, and Debtors amounted to ₹ 20,000 at ₹ 17,200; the Creditors of ₹ 6,000 to be paid by his at this amount.

(ii) Burman is to take over all the stock at ₹ 7,000 and some of the Sundry Assets at ₹ 7,200 (being 10% less than book value)

(iii) Chaman is to take the remaining Sundry Assets at 90% of the book value, less ₹ 100 as discount and assume the responsibility for the discharge of the loan together with accrued interest of ₹ 30 which has not been recorded in the books.

(iv) Remaining Debtors were sold to a debt-collecting agency for 50% of the book value.

(v) Karam was to receive ₹ 270 as remuneration for completing the dissolution work and was to bear the realisation expenses. The expenses of realisation ₹ 500 were paid by Karam.

Prepare necessary accounts to close the books of the firm.

Solution:-

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