Are you looking for the solution of Question number 9 of the Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?
Question number 9 of the Dissolution of Partnership Firm chapter is a practical one.
Solution of Question Number 9 of Dissolution of Partnership Firm Chapter of TS Grewal Book 2021-22 Class 12
Question – 9
The firm of Manjeet, Sujeet, and Jagjeet was dissolved on 31st March 2018. It was agreed that Sujeet will take care of the dissolution-related activities and will get 10% of the value of assets realized. Sujeet agreed to bear the realization expenses. Assets realized ₹10,00,750 and realization expenses were ₹90,000, which were paid from the firm’s cash. ₹4,50,000 were paid to the creditors in full settlement of their claim. Pass necessary Journal entries for the above transactions in the books of the firm.