Solution of Q 13 Dissolution of a Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 13, Chapter 8 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 13
Suman and Rajan were partners in a firm sharing profits and losses in the ratio of 3 : 1. The firm was dissolved on 31st March, 2019. Pass the necessary Journal entries for the following transactions after various assets (other than cash in hand and at bank) and third party liabilities have been transferred to Realisation Account:
- (a) Dissolution expenses ₹ 10,000 were paid by the firm.
- (b) Rajan had given a loan of ₹ 60,000 to the firm for which he accepted ₹ 58,000 in full settlement.
- (c) The firm had a debit balance of ₹ 40,000 in the Profit & Loss Account on the date of dissolution.
- (d) Profit on realisation was ₹ 12,000.
Solution
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About this solution
This is Chapter 8 Dissolution of a Partnership Firm of TS Grewal Edition 2022-23.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
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