Q.45 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 45, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 45
Priya, Komal and Rakhi were in partnership sharing profits and losses in the ratio of 2 : 1 : 1. They decided to dissolve the partnership. On that date of dissolution, Sundry Assets (including cash ₹ 5,000) amounted to ₹ 88,000, assets realised ₹ 80,000 (including an unrecorded asset which realised ₹ 4,000). A contingent liability on account of bills discounted ₹ 8,000 was paid by the firm. The Capital Accounts of Priya, Komal and Rakhi showed a balance of ₹ 20,000 each.
Prepare Realisation Account, Partners’ Capital Accounts and Cash Account.
Solution
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