[ISC] Q. 8 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2022-23)

Are you looking for the solution to Question number 8 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2022-23 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:

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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