Q.43 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 43, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 43
A and B were partners sharing profits and losses as 7/11th to A and 4/11th to B. They dissolved the partnership on 30th May, 2023. As on that date their capitals were: A ₹ 7,000 and B ₹ 4,000. There were also interest due on Loan A/c to A ₹ 4,500 and to B ₹ 750. The other liabilities amounted to ₹ 5,000. The assets proved to have been undervalued in the last Balance Sheet and actually realised ₹ 24,000.
Prepare necessary accounts showing the final settlement between partners.
Solution
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