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

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

Amit, Bachan and Charnesh sharing profits in the ratio of 2 : 2 : 1 agreed upon dissolution of their partnership on 31st March, 2022 on which date their Balance Sheet was as under:

LiabilitiesAssets
Capital A/c – Amit
Capital A/c – Bachan
General Reserve
Creditors
Outstanding Rent
Investments Fluctuation Reserve
80,000
60,000
70,000
37,000
4,000
1,000
Fixed Assets
Insurance Claim Receivable
Debtors
Less: PDD
Stock
Investments
Bank
Capital A/c – Charnesh
20,000
1,000
1,00,000
50,000

19,000
16,000
16,000
47,000
4,000
2,52,0002,52,000

(i) Investments were taken by Amit at ₹ 12,000; Creditors of ₹ 20,000 were taken by Bachan who has agreed to settle account with them at ₹ 19,800. Remaining Creditors were paid at ₹ 15,000.

(ii) Insurance Claim received ₹ 40,000 and Fixed Assets realised ₹ 1,40,000.

(iii) Stock and Debtors realised ₹ 14,000 and ₹ 18,000 respectively.

(iv) One customer, whose account was written off as bad, now paid ₹ 1,600 which is not included in ₹ 18,000 above.

(v) There was one unrecorded asset valued at ₹ 6,000, half of which was given to an unrecorded creditor of ₹ 10,000 in settlement of claim of ₹ 5,000 and remaining half was sold in the market which realised ₹ 2,600.

Bachan took the responsibility of completing dissolution at a salary of ₹ 800 per month. Dissolution Expenses were to be borne by Bachan. Realisation Expenses amounting to ₹ 2,200 were paid by the firm. Dissolution was completed and final payments were made on 30th July, 2022.

You are required to prepare Realisation Account, Partner’s Capital Accounts

Solution:-

Here is the list of solutions

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S.NSolutions
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31Question – 31
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