Q. 7 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 7 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?

Question number 7 of the Dissolution of Partnership Firm chapter is a practical one.

Solution of Question Number 7 of Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Class 12

Question – 7

Pass Journal entries for the following at the time of dissolution of the firm of X and Y after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account:

a) Sale of Assets – ₹50,000.

b) Payment of Liabilities – ₹10,000

c) A commission of 5% allowed to X, a partner, on the sale of assets.

d) Realisation expenses were ₹15,000. The firm had agreed with Amrit, to reimburse him ₹10,000.

e) Employees Provident Fund ₹10,000.

f) Z, a debtor, whose account of ₹6,000 was written off as bad earlier, paid 60% of the amount.

g) Investment (Book value ₹10,000) realised at 150%.

h) Realisation expenses were ₹10,000. The firm had agreed with Krishna, a partner, to reimburse him up to ₹7,500.

Solution:-

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