[ISC] Q. 6 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2024-25)
Solution to Question number 6 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the ISC Board.
Angad and Bishan are equal partners of a firm, Balance Sheet of which is given below as at 31st March, 2022 the date on which they decide to dissolve the partnership:
| Liabilities | ₹ | Assets | ₹ | |
| Capital A/cs: Angad Bishan General Reserve Loan by Angad Creditors | 1,00,000 80,000 | 1,80,000 16,000 6,000 28,000 | Investments Machinery Furniture Debtors Stock Bank | 90,000 30,000 24,000 16,000 48,000 22,000 |
| 2,30,000 | 2,30,000 |
Following transactions took place at the time of dissolution:
(i) Assets realised as follows:
Stock – ₹ 44,000; Debtors – ₹ 15,000; Machinery – ₹ 32,000; Investments – ₹ 70,000.
(ii) Bishan took Furniture at ₹ 18,000.
(iii) Angad agreed to accept ₹ 5,000 in settlement of his Loan Account.
(iv) Angad was entitled to receive ₹ 5,000 as remuneration for completing the dissolution work and was to bear the realisation expenses. The expenses of realisation ₹ 6,000 were paid by Angad.
Prepare Realisation Account, Capital Accounts of Partners, Angad’s Loan Account and Bank Account.
Solution:-
