[ISC] Q. 7 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 7 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Balance Sheet of a firm as at 31st March, 2023 was as under:

LiabilitiesAssets
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
1,55,0001,55,000

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:-

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