[ISC] Q. 22 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

Are you looking for the solution to Question number 22 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 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:

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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