[CBSE] Q. 42 Solution of Dissolution of Partnership Firm Chapter TS Grewal Class 12 (2023-24)

Are you looking for the solution to Question number 42 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the CBSE Board?

Raina and Meenu were partners in a firm which they dissolved on 31st March, 2023. On this date, Balance Sheet of the firm, apart from realisable assets and outside liabilities showed the following:

Raina’s Capital	40,000 (Cr.)
Meena’s Capital	20,000 (Dr.)
Profit & Loss Account	10,000 (Dr.)
Raina’s Loan to the Firm	15,000
General Reserve	7,000

On the date of dissolution of the firm:

(a) Raina’s loan was repaid by the firm along with interest of ₹ 500.

(b) Dissolution expenses of ₹ 1,000 were paid by the firm on behalf of Raina.

(c) An unrecorded asset of ₹ 2,000 was taken by Meena while Raina paid an unrecorded liability of ₹ 3,000.

(d) Dissolution resulted in a loss of ₹ 60,000 from the realisation of assets and settlement of liabilities.

You are required to prepare Partner’s Capital Accounts.

[Ans.: Final Payment to Raina – ₹ 10,500; Amount brought by Meena – ₹ 53,500.]

Solution:-

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