[ISC] Q. 5 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)
Solution to Question number 5 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.
Balance Sheet of a firm as at 31st March, 2023 was as under:
| Liabilities | ₹ | Assets | ₹ |
| Simran’s Capital Pooja’s Capital Shweta’s Capital Sundry Creditors Profit & Loss A/c | 50,000 40,000 30,000 20,000 15,000 | Machinery Investments Sundry Debtors Cash at Bank Stock | 80,000 20,000 10,000 30,000 15,000 |
| 1,55,000 | 1,55,000 |
The partnership was dissolved on the above date. You are given following information about dissolution:
(i) Simran took investments at 5% less than the book value.
(ii) Other Assets realised as follows:
Machinery ₹ 90,000; Debtors ₹ 9,000 and Stock ₹ 14,000.
(iii) Creditors were paid at a discount of 5%.
(iv) Dissolution expenses amounted to ₹ 2,000.
You are required to prepare:
(a) Realisation Account,
(b) Capital Accounts of the partners, and
(c) Bank Account.
Solution:-
