Are you looking for the solution of Question number 11 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?
Question number 11 of the Dissolution of Partnership Firm chapter is a practical one.
Solution of Question Number 11 of Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Class 12
Question – 11
Pass necessary Journal entries to record the following unrecorded assets and liabilities in the books of Paras and Priya.
a) There was old furniture in the firm which had been written off completely in the books. This was sold for ₹3,000.
b) Ashish, an old customer whose account for ₹1,000 was written off as bad in the previous year, paid 60% of the amount.
c) Paras, agreed to take over the firm’s goodwill (not recorded in the books of the firm), at a valuation of ₹30,000.
d) There was an old typewriter that had been written off completely from the books. It was estimated to realise ₹400. It was taken by Priya and an estimated price less 25%.
e) There were 100 shares of ₹10 each in Star Limited acquired at a cost of ₹2,000 which had been written off completely from the books. These shares are valued @ ₹6 each and divided among the partners in their profit sharing ratio.