[CBSE] Q. 13 Dissolution of Partnership Firm Solution TS Grewal Class 12 2024-25

Solution to Question number 13 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the CBSE Board.

Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after assets (other than Cash and Bank) and outside liabilities have been transferred to Realisation Account.

(a) There was furniture of ₹ 50,000. Aman took over 50% of the furniture at 10% discount.

(b) Profit & Loss Account was showing a credit balance of ₹ 15,000 on the date of dissolution.

(c) Harsh’s loan of ₹ 6,000 was settled by paying ₹ 5,500.

(d) The firm paid realisation expenses of ₹ 5,000 on behalf of Harsh, a partner.

(e) There was a bill for ₹ 1,200 under discount. The bill was received from Soham who became insolvent and a first and final dividend of 25% was received from his estate.

(f) Creditors, to whom the firm owed ₹ 6,000, accepted stock of ₹ 5,000 at a discount of 5% and the balance in cash.

Solution:-

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