[ISC] Q. 31 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Share your love

Solution to Question number 31 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Patil, Raman and Deep commenced business on 1st April, 2021 with capitals of Patil – ₹ 1,50,000; Raman – ₹ 1,00,000; Deep – ₹ 50,000. Profits are shared in the ratio of 4 : 3 : 3. Capitals carried interest @ 5% p.a. During the year, the firm incurred a loss of ₹ 85,000 before allowing interest on capital. Drawings of each partner during the year were ₹ 10,000.

On 31st March, 2022, the partners decided to dissolve the firm as it was no longer profitable. The creditors on that date were ₹ 25,000. The Assets realised a net value of ₹ 2,00,000 and the Expenses of Realisation were ₹ 3,000.

Prepare Realisation Account, Partner’s Capital Accounts and Cash Account along with necessary workings to close the books of the firm.

Solution:-

Working Notes:-

Here is the list of solutions

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NSolutions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
31Question – 31
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

Articles: 6553

Leave a Reply

Your email address will not be published. Required fields are marked *

x