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

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:-

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