[ISC] Q. 9 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

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Solution to Question number 9 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Neha, Anita and Sonia were partners sharing profits and losses in the ratio of 2 : 2 : 1. On 1st April, 2022, their Balance Sheet was as follows:

LiabilitiesAssets
Capital A/cs:
Neha
Anita
Sonia
Reserve
Creditors
30,000
24,000
12,000
15,000
24,000
Cash at Bank
Debtors
Less: PDD
Stock
Furniture
Building
Advertisement Suspense
16,000
4,000
24,400

15,600
12,000
4,000
44,000
5,000
1,05,0001,05,000

The firm was dissolved on that date. The assets realised were as follows:

Debtors₹ 14,000
Stock₹ 10,000
Furniture₹ 2,000
Building₹ 50,000

Creditors were settled for ₹ 22,000. It was noticed that a liability of ₹ 6,000 for damages existed which had to be paid. Realisation Expenses amounted to ₹ 2,000.

Prepare Realisation Account, Partner’s Capital Account and Bank Account to close the books of the firm.

Solution:-

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