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

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:

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:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31