[ISC] Q. 29 Solution of Dissolution of Partnership Firm TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 29, Chapter 6 Dissolution of Partnership Firm, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 29
The firm of Akhil and Bikram was dissolved on 31st March, 2023. On that date, their Capitals were: Akhil ₹ 1,70,000 and Bikram ₹ 30,000. Bikram owed ₹ 20,000 to the firm; ₹ 1,00,000 were owed by the firm to Akhil and ₹ 2,00,000 were due to the Trade Creditors. Profits and losses were shared in the proportions of 2/3 to Akhil and 1/3 to Bikram.
The assets realised ₹ 4,50,000 excluding ₹ 20,000 borrowed by Bikram. The liabilities were settled at book values.
Prepare Realisation Account, Capital Accounts of the partners and Cash Account.
Solution
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About this solution
This is Chapter 6 Dissolution of a Partnership Firm of ISC TS Grewal Edition 2023-24.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per Guidelines Issued by the ISC Council. Just follow our presentation of solutions and score good marks in Accountancy Exam.
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