[ISC] Q. 31 Solution of Dissolution of Partnership Firm TS Grewal ISC 2023-24 Edition
Step-by-step solution of Question 31, Chapter 6 Dissolution of Partnership Firm, TS Grewal Class 12 Accountancy 2023-24 for the ISC Board.
Question 31
Patil, Raman and Deep commenced business on 1st April, 2022 with capitals of Patil—₹ 1,50,000; Raman—₹ 1,00,000; Deep—₹ 50,000. Profits are shared in the ratio of 4 : 3 : 3. Capitals carried interest @ 5% p.a. During the year, the firm incurred a loss of ₹ 85,000 before allowing interest on capital. Drawings of each partner during the year were ₹ 10,000.
On 31st March, 2023, the partners decided to dissolve the firm as it was no longer profitable. The Creditors on that date were ₹ 25,000. The Assets realised a net value of ₹ 2,00,000 and the Expenses of Realisation were ₹ 3,000.
Prepare Realisation Account, Partners’ Capital Accounts and Cash Account along with necessary workings to close the books of the firm.
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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