Q. 12 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 2021-22

Share your love

Are you looking for the solution of Question number 12 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?

Question number 12 of the Dissolution of Partnership Firm chapter is a practical one.

Solution of Question Number 12 of Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Class 12

Question – 12

Q. 12

Aman and Harsh were partners in a firm. They decided to dissolve their firm. Pass necessary Journal entries for the following after assets (other than cash and Bank) and outside liabilities have been transferred to Realisation Account:

a) There was the furniture of ₹50,000. Aman took over 50% of the furniture at 10% discount and the remaining furniture was sold at 30% profit on book value.

b) Profit and Loss Account was showing a credit balance of ₹15,000 on the date of dissolution.

c) Harsh’s loan of ₹6,000 was settled by paying ₹5,500.

d) The firm paid realisation expenses of ₹5,000 on behalf of Harsh, a partner.

e) There was a bill for ₹ 1,200 under discount. The bill was received from Soham who became insolvent and a first and final dividend of 25% was received from his stable.

f) Creditors, to whom the firm owed ₹6,000, accepted stock of ₹5,000 at a discount of 5% and the balance in cash.

Solution:-

Share your love
Default image
Anurag Pathak
Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.
Articles: 954

Leave a Reply

close

Ad Blocker Detected!

Our Website is made possible by displaying online advertisements to our visitors. Please consider supporting us and remove the AD - Blocker to read this article.

Refresh

error: Content is protected !!