[ISC] Q. 8 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 8 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 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:

LiabilitiesAssets
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
2,30,0002,30,000

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:-

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