[CBSE] Q. 50 Solution of Dissolution of Partnership Firm Chapter TS Grewal Class 12 (2023-24)

Solution to Question number 50 of the Dissolution of Partnership Firm TS Grewal Book 2023-24 Edition for the CBSE Board?

P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2. Their respective capitals are in their profit-sharing proportions. On 1st April, 2022, the total capital of the firm and balance of General Reserve are ₹ 80,00 and ₹ 20,000 respectivel. During the year 2022 – 23, the firm earned profit of ₹ 28,000 before charging interest on capital @ 5%. The drawings of the partners are P – ₹ 8,000; Q – ₹ 7,000; and R – ₹ 5,000. On 31st March, 2023, their liabilities were ₹ 18,000. On this date, they decided to dissolve the firm. The assets realised ₹ 1,08,600 and realisation expenses amounted to ₹ 1,800.

Prepare necessary Ledger Accounts to close the books of the firm.

[Ans.: Assets at the time of dissolution – ₹ 1,26,000; Loss on Realisation – ₹19,200; Final payments: P – ₹ 32,800; Q – ₹ 33,800; R – ₹ 22,200.]

Solution:-

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