[ISC] Q. 4 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2026-27)

Solution to Question number 4 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2026-27 Edition for the ISC Board?

Pass the necessary Journal entries with respect to Stock (Book value: * 60,000) and Creditors (Book
value: ₹ 70,000) on the dissolution of the firm, assuming that these have already been transferred to Realisation Account.

(i) Shyam, a partner took 40% of total stock at 20% discount.

(ii) 30% of total stock was taken by a creditor of 30,000 at 10% discount.

(iii) Remaining stock was sold at a profit of 25%.

(iv) Remaining creditors were paid at a discount of 10%.

Solution:-