Q.8 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 8, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 8
Pass Journal entries for the following at the time of dissolution of the firm of X and Y after the assets (other than cash) and outside liabilities have been transferred to Realisation Account:
- (a) Sale of Assets—₹ 50,000.
- (b) Payment of Liabilities—₹ 10,000.
- (c) A commission of 5% was allowed to X, a partner, on sale of assets.
- (d) Realisation expenses were ₹ 15,000. The firm had agreed with Amrit, to reimburse him ₹ 10,000.
- (e) Employees’ Provident Fund ₹ 10,000 was paid.
- (f) Z, a debtor, whose account of ₹ 6,000 was written off as bad earlier, paid 60% of the amount.
- (g) Investment (Book Value ₹ 10,000) realised at 150%.
- (h) Realisation expenses were ₹ 10,000. The firm had agreed with Y, a partner, to reimburse him up to ₹ 7,500.
Solution
All questions of Chapter 7
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