[ISC] Q. 4 Dissolution of Partnership Firm Solution TS Grewal Book Class 12 (2023-24)

Solution to Question number 4 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2023-24 Edition for the ISC Board?

Gagan, Sudan and Madan are partners in a firm. Pass necessary Journal entries for the following transactions at the time of dissolution of the firm:

(i) Realisation Expenses ₹ 10,000 paid.

(ii) Realisation Expenses amounted to ₹ 5,000. Gagan, a partner, was to bear these expenses.

(iii) Sudan, a partner, took a machine for ₹ 20,000.

(iv) Madan, a partner, agreed to settle the creditor of ₹ 30,000 for ₹ 20,000.

(v) Gagan, a partner, had given loan to the firm of ₹ 50,000. It was paid back to him at the time of dissolution.

(vi) Profit and Loss Account balance of ₹ 30,000 appeared on the assets side of the Balance Sheet.

(vii) Gagan agreed to purchase the firm’s Goodwill (Not recorded in the books of the firm) at a value of ₹ 25,000.

(viii) There were debtors of ₹ 76,000. A provision for Bad and Doubtful Debts also stood in the books of the firm at ₹ 6,000. ₹ 12,000 debtors proved bad and rest paid the due amount.

Solution:-

Here is the list of solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30
31	Question – 31