Q. 8 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 8 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?

Question number 8 of the Dissolution of Partnership Firm chapter is a practical one.

Solution of Question Number 8 of Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Class 12

Question – 8

Pass necessary Journal entries for the following transactions on the dissolution of the firm of P and Q after the various assets (other than cash) and outside liabilities have been transferred to Realisation Account:

a) Bank Loan ₹12,000 was paid.

b) Stock worth ₹16,000 was taken over by partner Q.

c) Partner P paid a creditor ₹4,000.

d) An asset not appearing in the book of account realised ₹1,200

e) Expenses of realisation ₹2,000 were paid by partner Q.

f) Profit on realisation ₹36,000 was distributed between P and Q in 5:4 ratio.

Solution:-

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