Q.16 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 16, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 16
Pass necessary Journal entries for the following transactions on the dissolution of a firm after various assets (other than cash) and outside liabilities have been transferred to Realisation Account:
- (i) Realisation expenses of the firm amounting to ₹ 2,600 were paid by partner, Aman.
- (ii) A creditor of ₹ 4,500 took over stock valued at ₹ 5,200 in full settlement.
- (iii) An unrecorded asset realised ₹ 3,500.
- (iv) Remaining creditors amounting to ₹ 20,000 were paid at a discount of 5%.
- (v) Remaining stock of ₹ 30,000 was taken over by Bimal, a partner, at a discount of 20%.
- (vi) Investment whose face value was ₹ 10,000 was realised at 40%.
Solution
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