[CBSE] Q. 11 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 (2023-24)

Are you looking for the solution to Question number 11 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the CBSE Board?

Simar, Raja and Rita were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm was dissolved on 31st March, 2019. After the transfer of assets (other than cash) and external liabilities to the Reaslisation Account, the following transactions took place:

(a) A debtor whose debt of ₹ 90,000 had been written off as bad, paid ₹ 88,000 in full settlement.

(b) Creditors to whom ₹ 1,21,000 were due to be paid, accepted stock at ₹ 71,000 and the balance was paid to them by a cheque.

(c) Raja had given a loan to the firm of ₹ 18,000. He was paid ₹ 17,000 in full settlement of his loan.

(d) Investments were ₹ 53,000 out of which investments of ₹ 43,000 were taken by Simar at ₹ 52,000 and the balance of the investments were sold for ₹ 12,000.

(e) Expenses on dissolution amounted to ₹ 19,000 and the same were paid by the firm.

(f) Profit on dissolution amounted to ₹ 30,000.

Pass the necessary Journal entries for the above transactions in the books of the firm.

Solution:-

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