[CBSE] Q. 47 Solution of Dissolution of Partnership Firm Chapter TS Grewal Class 12 (2023-24)

Solution to Question number 47 of the Dissolution of Partnership Firm TS Grewal Book 2023-24 Edition for the CBSE Board?

Priya, Komal and Rakhi were in partnership sharing profits and losses in the ratio of 2 : 1 : 1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash ₹ 5,000) amounted to ₹ 88,000, assets realised ₹ 80,000 (including an unrecorded asset which realised ₹ 4,000). A contingent liability on account of bills discounted ₹ 8,000 was paid by the firm. The Capital Accounts of Priya, Komal and Rakhi showed a balance of ₹ 20,000 each. Prepare Realisation Account, Partner’s Capital Accounts and Cash Account.

[Ans.: Recorded Liabilities – ₹ 28,000; Loss on Realisation – ₹ 11,000.]

Solution:-

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