[CBSE] Q. 2 Dissolution of Partnership Firm Solution TS Grewal Class 12 (2026-27)

Solution to Question number 2 of the Dissolution of Partnership Firm Chapter of TS Grewal Book (2026-27) Edition for the CBSE Board.

Ajay and Vijay were partners sharing profits and losses in the ratio of 3: 2. The firm was dissolved on31st March, 2026 and the following balances were appearing in the books of the firm:

(a) Ajay’s Loan- 2,00,000; Om’s Loan- 1,25,000.
(b) Creditors-2,50,000.
(c) Capital balances after all adjustments- Ajay: ₹ 4,00,000 and Vijay: ₹ 3,50,000;

Assets of the firm realised 15,00,000.

You are required to show the amounts and order of payment as per Section 48 of Indian Partnership Act, 1932 on dissolution of the firm.

[Ans.: First:₹ 2,50,000 paid to Creditors and 1,25,000 paid to Om respectively; Second:₹ 2,00,000 paid to Ajay for his loan;Third: Capital balances of Ajay and Vijay: ₹ 4,00,000 and ₹ 3,50,000 paid to partners along with surplus of 1,75,000 in their profit-sharing ratio, i.e., 3:2.]

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