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

Are you looking for the solution to Question number 23 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 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 Balanace Sheet was as under:

Liabilities	₹	Assets		₹
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 Advertisement Suspense A/c	24,200 1,200	3,200 23,000 7,800 1,000 17,000 5,000
	57,000			57,000

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:-

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