Q.48 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 48, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 48
P, Q and R are partners sharing profits and losses in the ratio of 3 : 3 : 2. Their respective capitals are in their profit-sharing proportions. On 1st April, 2023, the total capital of the firm and balance of General Reserve are ₹ 80,000 and ₹ 20,000 respectively. During the year 2023–24, the firm earned profit of ₹ 28,000 before charging interest on capital @ 5%. The drawings of the partners are P—₹ 8,000; Q—₹ 7,000; and R—₹ 5,000. On 31st March, 2024, their liabilities were ₹ 18,000.
On this date, they decided to dissolve the firm. The assets realised ₹ 1,08,600 and realisation expenses amounted to ₹ 1,800.
Prepare necessary Ledger Accounts to close the books of the firm.
Solution
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