Q.10 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 10, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 10
Nisha, Kamal and Vijay had an automobile spare parts business. Due to strained relationship among the partners, they were unable to take collective decisions for the growth of business. As a result, firm has been in losses for the last 3 years. The partners decided to dissolve the firm.
Following transactions took place at the time of dissolution:
- (i) Shiv, a creditor, to whom ₹ 6,000 were due, accepted office equipment at ₹ 4,000 and the balance was paid to him.
- (ii) Investment, which were of ₹ 1,00,000, half of it is taken by Mohan, a creditor, at 10% above the book value in settlement of his claim.
- (iii) Loan of ₹ 50,000 advanced by Nisha to the firm was returned.
- (iv) Loss on realisation ₹ 30,000 was distributed among the partners equally.
Journalise the above transactions at the time of dissolution of the firm.
Solution
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