CLASS 12 | DISSOLUTION | Q32 & Q33 | Chapter 7 | TS Grewal Solutions | 2024 | Michael Jackson John

Michael, Jackson and John | A, B and C were equal partners | Q32. A, B and C were equal partners. On 31st March, 2023, their Balance Sheet stood as The firm was dissolved on the above date on the following terms: (a) For the purpose of dissolution, Investments were valued at ` 18,000 and A took over the Investments at this value. (b) Fixed Assets realised ` 29,700 whereas Stock and Debtor realised ` 80,000. (c) Expenses of realisation amounted to ` 1,300. (d) Creditors allowed a discount of ` 800. (e) One Bill receivable for ` 1,500 under discount was dishonoured as the acceptor had become insolvent and was unable to pay anything and hence the bill had to be met by the firm. Prepare Realisation Account, Partner's Capital Accounts and Cash Account showing how the accounts would finally be settled among the partners. Question 35: Michael, Jackson and John are in partnership sharing profits and losses in the proportions of 1/2, 1/3 and 1/6 respectively. On 31st March, 2022, they decided to dissolve the partnership and the position of the firm on this date is represented by the following Balance Sheet: Liabilities Amount (`) Assets Amount (`) Creditors 40,000 Cash at Bank 3,000 Loan A/c: Stock 50,000 Michael 10,000 Sundry Debtor 50,000 Workmen Compensation Reserve 21,000 Land and Building 57,000 Capital A/cs: Profit and Loss A/c 15,000 Michael 60,000 Advertisement Suspense A/c 6,000 Jackson 40,000 John 10,000 1,10,000 1,81,000 1,81,000 During the realisation, a liability under a suit for damages is settled at ` 20,000 as against ` 5,000 only provided for in the books of the firm. Land and Building were sold for ` 40,000 and the Stock and Sundry Debtor realised ` 30,000 and ` 42,000 respectively. The expenses of realisation amounted to ` 1,200. There was a car in the firm, which was completely written off from the books. It was taken by Michael for ` 20,000. He also agreed to pay Outstanding Salary of ` 20,000 not provided in books. Prepare Realisation Account, Partners' Capital Accounts and Bank Account in the books of the firm. 0:00 Q32 - A, B and C were equal partners 12:16 Q33 - Michael Jackson John ts grewal Dissolution solutions 2024 ch 6 Dissolutionof a partner class 12 Dissolution of a partner ts grewal solutions Dissolution of a partner class 12 manan malik Dissolution of a partner class 12 practical questions Dissolution of a partner class 12 practical problems Dissolution of a partner class 12 numericals chapter 5 Dissolution of a partner class 12 Dissolution of a partner class 12 playlist Dissolution of a partner questions Dissolution of a partner class 12 question 14 Dissolution of a partner class 12 question 15 Dissolution of a partner class 12 question 16 Dissolution of a partner class 12 question 17 Dissolution of a partner class 12 questions class 12 accounts ts grewal solutions Dissolution of a partner class 12 introduction Dissolution of a partner class 12 illustrations #commerce #class12 #cbse #dissolutionofapartnershipfirm #dissolution #dissolutionofpartnership #class12accounts #accountancy #revaluationaccount #partnerscapitalaccount #balancesheet #accounts #newprofitsharingratio #gainingratio #accounting #tsgrewal2024 #partnershipfundamentals #solution #tsgrewalsolutions #partnership #commerce #class12 #cbse #tsgrewalsolutions #tsgrewal2024 #tsgrewal #tsgrewalsolution #account #accounts