[CBSE] Q. 45 Solution of Dissolution of Partnership Firm Chapter TS Grewal Class 12 (2023-24)

Solution to Question number 45 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the CBSE Board?

A and B were partners sharing profits and losses as to 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2022. As on that date their capitals were: A ₹ 7,000 and B ₹ 4,000. There were also due on Loan A/c to A ₹ 4,500 and to B ₹ 750. The other liabilities amounted to ₹ 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised ₹ 24,000. Prepare necessary accounts showing the final settlement between partners.

[Ans.: Gain (Profit) on Realisation – ₹ 2,750: Final Payment: A – ₹ 8,750; B – ₹ 5,000.]

Solution:-

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