[ISC] Q. 29 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Solution to Question number 29 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

The firm of Akhil and Bikram was dissolved on 31st March, 2023. On that date, their Capitals were: Akhil ₹ 1,70,000 and Bikram ₹ 30,000. Bikram owed ₹ 20,000 to the firm; ₹ 1,00,000 were owed by the firm to Akhil and ₹ 2,00,000 were due to the Trade Creditors. Profits and losses were shared in the proportions of 2/3 to Akhil and 1/3 to Bikram.

The assets realised ₹ 4,50,000 excluding ₹ 20,000 borrowed by Bikram. The liabilities were settled at book values.

Prepare Realisation Account, Capital Accounts of the partners and Cash Account.

Solution:-

Working Notes:-

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