CLASS 12 | DISSOLUTION | Q34 & Q35 | Chapter 7 | TS Grewal Solutions | 2024

Prashant and Rajesh are partners in a firm sharing profits and losses in the ratio of 3: 2 | Yogesh and Naresh were partners sharing profits equally Q34. Prashant and Rajesh are partners in a firm sharing profits and losses in the ratio of 3: 2. On 31st March, 2024, their Balance Sheet was: Liabilities Bank Overdraft General Reserve Investments Fluctuation Reserve Loan by Prashant Capital A/c: Prashant Assets 30,000 Cash in Hand 56,000 Bank Balance 20,000 Sundry Debtors 34,000 Less: Provision for Doubtful Debts Investments 50,000 Stock Furniture Building Rajesh's Capital 6,000 10,000 26,000 2,000 1,90,000 24,000 40,000 10,000 10,000 60,000 30,000 1,90,000 On that date, the partners decide to dissolve the firm. Prashant took Investments at an agreed value of § 35,000. Other assets were realised as follows: Sundry Debtors: Full amount. The firm could realise Stock at 15% less and Building was sold at § 1,00,000. Compensation to employees paid by the firm was ™ 10,000. This liability was not provided for in the above Balance Sheet. You are required to close the books of the firm by preparing Realisation Account, Partners' Capital Accounts and Bank-Account. Q35. Yogesh and Naresh were partners sharing profits equally. They dissolved the firm on 1st April, 2024. Naresh was assigned the responsibility to realise the assets and pay the liabilities at a remuneration of § 10,000 including expenses. Balance Sheet of the firm as on that date was as follows: Liabilities Creditors Loan by Naresh Loan by Mrs. Yogesh Investment Fluctuation Reserve Capital A/cs: Yogesh Naresh Assets 80,000 Cash/Bank 44,000 Investments 6,000 30,000 42,000 Debtors 8,000 Less: Provision for Doubtful Debts 73,400 4,000 Advertisement Suspense A/c 69,400 1,10,600 21,000 21,000 42,000 2,16,000 2,16,000 The firm was dissolved on following terms: (a) Yogesh was to pay his wife's loan. (b) Debtors realised § 60,060. (c) Naresh was to take investments at an agreed value of § 26,000. (d) Creditors were payable after two months but were paid immediately at a discount of 15% p.a. (e) A Debtor previously written off as Bad Debt paid § 16,670. (f) An unrecorded asset realised § 10,000. Prepare Realisation Account, Partners' Capital Accounts, Partner's Loan Account and Cash/Bank Account. 00:00 Question 34 - Prashant and Rajesh 12:47 Question 35 - Yogesh and Naresh 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