Q.15 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 15, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 15
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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