[ISC] Q. 25 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 25 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Basu, Bose and Chitra are partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2022 was as under:

LiabilitiesAssets
Trade Creditors
Workmen Compensation Reserve
Employees’ Provident Fund
Loan from Mrs. Basu
Basu’s Capital
Bose’s Capital
Chitra’s Capital
Basu’s Current A/c
Bose’s Current A/c
Profit and Loss A/c
60,000
10,000
5,000
5,000
2,00,000
1,50,000
1,50,000
25,00
17,000
50,000
Bank
Debtors
Stock
Furniture
Patents
Building
Chitra’s Current A/c
70,000
50,000
60,000
1,25,000
35,000
3,20,000
12,000
6,72,0006,72,000

The firm was dissolved on the above mentioned date.

Following transactions took place at the time of dissolution:

(i) Realisation Expenses were to be borne by Basu for which he was to get ₹ 10,000. Realisation Expenses of ₹ 12,000 were paid out of firm’s Bank Account.

(ii) Bose took stock for ₹ 55,000 and Chitra took Building for ₹ 4,00,000.

(iii) Other assets realised as follows: Debtors ₹ 48,000; Furniture ₹ 97,000.

(iv) Trade Creditors were settled by paying ₹ 55,000.

(v) Accounts of partners were settled after realising assets and paying outside liabilities.

Prepare Realisation Account, Partner’s Current Accounts, Partner’s Capital Accounts and Bank Account.

Solution:-

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