Q.9 Solution Dissolution of Partnership Firm TS Grewal Book Class 12 CBSE
Step-by-step solution of Question 9, Chapter 7 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.
Question 9
Pass necessary Journal entries for the following transactions, on the dissolution of a partnership firm of Kavita and Suman on 31st March, 2022, after the various assets (other than cash) and third party liabilities have been transferred to Realisation Account.
- (a) Kavita took over stock amounting to ₹ 1,00,000 at ₹ 90,000.
- (b) Creditors of ₹ 2,00,000 took over Plant and Machinery of ₹ 3,00,000 in full settlement of their claim.
- (c) There was an unrecorded asset of ₹ 23,000 which was taken over by Suman at ₹ 17,000.
- (d) Realisation expenses ₹ 2,000 were paid by Kavita.
- (e) Bank Loan of ₹ 21,000 was paid off.
- (f) Loss on dissolution amounted to ₹ 7,000.
Solution
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