[ISC] Q. 22 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Share your love

Solution to Question number 22 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Amar, Akbar and Antony were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their Balance Sheet as at 31st March, 2022 was as follows:

LiabilitiesAssets
Capital A/cs:
Amar
Akbar
Antony
Loan by Amar
Reserve Fund
Sundry Creditors
24,000
20,000
15,000
7,000
5,000
9,000
Land
Plant
Less: Accumulated Depreciation
Loose Tools
Stock
Sundry Debtors
Less: PDD
Cash at Bank
17,000
1,000


30,000
2,000
8,000

16,000
3,000
20,000

28,000
5,000
80,000

The partners decided to dissolve the firm with effect from 1st April, 2022. In order to give effect to this decision, draw up Realisation Account, Partner’s Capital Accounts and the Bank Account, after taking into consideration the following:

(i) Amar agreed to take over part of the business for which he agreed to pay ₹ 10,000 for Goodwill, which had not been previously valued.

(ii) Amar also took over Land at book value and Plant at ₹ 12,000.

(iii) Losse Tools, Stock and Sundry Debtors realised ₹ 2,000; ₹ 15,000; and ₹ 22,000 respectively.

(iv) Sundry Creditors were paid off at a discount of 10%.

(v) Expenses of Realisation were ₹ 1,500.

(vi) A contingent liability of ₹ 1,000 which occurred during the period was duly paid-off.

Solution:-

Here is the list of solutions

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NSolutions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
31Question – 31
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

Articles: 5884

Leave a Reply

Your email address will not be published. Required fields are marked *

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh