[CBSE] Q. 10 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2023-24)

Are you looking for the solution to Question number 10 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the CBSE Board?

Nisha, Kamal and Vijay has an automobile spare parts business. Due to strained relationship among the partners, they were unable to take collective decisions for the growth of business. As a result, firm has been in losses for the last 3 years. The partners decided to dissolve the firm.

Following transactions took place at the time of dissolution:

(i) Shiv, a creditor, to whom ₹ 6,000 were due, accepted office equipment at ₹ 4,000 and the balance was paid to him.

(ii) Investment, which appeared in the book at ₹ 1,00,000, half of it is taken by Mohan, a creditor, at 10% above the book value in settlement of his claim and the remaining half was sold in the market at a loss of 30%.

(iii) Loan of ₹ 50,000 advanced by Nisha to the firm was returned.

(iv) Loss on realisation ₹ 30,000 was distributed among the partners equally.

Journalise the above transaction at the time of dissolution of the firm.

Solution:-

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