[CBSE] Q. 16 Dissolution of Partnership Firm Solution TS Grewal Class 12 2024-25

Solution to Question number 16 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2024-25 Edition for the CBSE Board.

Pass necessary Journal entries for the following transactions on the dissolution of a firm after various assets (other than cash) and outside liabilities have been transferred to Realisation Account:

(i) Realisation expenses of the firm amounting to ₹ 2,600 were paid by partner, Aman.

(ii) A creditor of ₹ 4,500 took over stock valued at ₹ 5,200 in full settlement.

(iii) An unrecorded asset realised ₹ 3,500.

(iv) Remaining creditors amounting to ₹ 20,000 were paid at a discount of 5%.

(v) Remaining stock of ₹ 30,000 was taken over by Bimal, a partner, at a discount of 20%.

(vi) Investment whose face value was ₹ 10,000 was realised at 40%.

Solution:-

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