illustration 21 dissolution of a partnership firm ts grewal edition 2024 ‪@sethsaccountancytricks‬

illustration 21 dissolution of a partnership firm ts grewal edition 2024 ‎@sethsaccountancytricks  A and b sharing profits and losses in the ratio of 3:2 agreed upon the dissolution of the firm on 31st march, 2023 on the following terms: (i) a took 50% of the stock at a discount of 20%. (ii) 10% of the stock was obsolete l, hence not salable. (iii) balance stock was sold at a profit of 30%. (iv) ₹12000 out of sundry debtors were not recovered. (v) land and building realised ₹140000. (vi) half of the sundry creditors accepted plant and machinery at 10% less than the book value and cash of ₹5000 in settlement of their claims. (vii) balance sundry creditors were paid at a discount of 10%. (viii) realisation expenses were ₹5000. (ix) z, an old customer, whose account was written off as bad debt in the previous year, paid ₹500. (x) a contingent liability of ₹1250 was paid. (xi) furniture vwas sold for ₹10000. The balance sheet was as follows: Prepare realisation account, partners' loan account, partners' capital accounts and bank account. #solutionsoftsgrewal #accounts #class12 #accountancy #commerce #partnership #tsgrewalsolutions #classxii #dissolutionofapartnershipfirm #realisationaccount