[ISC] Q. 1 Solution of Dissolution of Partnership Firm TS Grewal ISC 2023-24 Edition

Pass the necessary Journal entries for the following transactions on dissolution of a firm of partners Kamal and Ranjan:

1. (i) Dissolution Expenses ₹ 6,500 paid by Kamal.
2. (ii) Pankaj, an old customer, whose account for ₹ 25,000 was written off as Bad Debt in the previous year, paid 50%.
3. (iii) Stock of ₹ 5,000 transferred to the Realisation Account was taken by partner Kamal.
4. (iv) Creditors, transferred to the Realisation Account, were paid ₹ 8,000.
5. (v) Investment (Book value ₹ 10,000) realised at 150%.
6. (vi) Gain (Profit) on realisation of ₹ 24,000 is to be distributed between partners Kamal and Ranjan in the ratio of 3 : 1.