Q. 16 solution of Dissolution of Partnership Firm Chapter TS Grewal Book Class 12 2021-22

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Are you looking for the solution of Question number 16 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?

Question number 16 of the Dissolution of Partnership Firm chapter is a practical one.

Solution of Question Number 16 of Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Class 12

Question – 16

Pass Journal entries for payment of following unrecorded liabilities on the dissolution of a firm of partners Shiv and Mohan.

a) There was a contingent liability in respect of bills discounted but not matured of ₹ 18,500. An acceptor of one bill of ₹2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firm on account of this bill discounted and dishonored has not so far been recorded.

b) There was a contingent liability in respect of a claim for damages for ₹75,000, such liability was settled for ₹50,000 and paid by the partner Shiv.

c) Firm will have to pay ₹10,000 as compensation to an injured employee, which was a contingent liability not accepted by the firm.

d) ₹5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by a compromise between the customer and the firm.

Solution:-

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