[ISC] Q. 1 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Solution to Question number 1 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Pass the necessary Journal entries for the following transactions on dissolution of a firm of partners Kamal and Ranjan:

(i) Dissolution Expenses paid ₹ 6,500.

(ii) Pankaj, an old customer, whose account for ₹ 25,000 was written off as Bad Debt in the previous year, paid 50%.

(iii) Stock of ₹ 5,000 transferred to the Realisation Account was taken by partner Kamal.

(iv) Creditors, transferred to the Realisation Account, were paid ₹ 8,000.

(v) Investment (Book value ₹ 10,000) realised at 150%.

(vi) Gain (Profit) on realisation of ₹ 24,000 is to be distributed between partners Kamal and Ranjan in the ratio of 3 : 1.

Solution:-

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