Solution of Q 14 Dissolution of a Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 14, Chapter 8 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 14
Lal and Pal were partners in a firm sharing profits in the ratio of 3 : 7. On 1st April, 2015, their firm was dissolved. After transferring assets (other than cash) and outsider’s liabilities to Realisation Account, you are given the following information:
- (a) A creditor of ₹ 3,60,000 accepted machinery valued at ₹ 5,00,000 and paid to the firm ₹ 1,40,000.
- (b) A second creditor for ₹ 50,000 accepted stock at ₹ 45,000 in full settlement of his claim.
- (c) A third creditor amounting to ₹ 90,000 accepted ₹ 45,000 in cash and investments worth ₹ 43,000 in full settlement of his claim.
- (d) Loss on dissolution was ₹ 15,000.
Pass necessary Journal entries for the above transactions in the books of firm assuming that all payments were made by cheque.
Solution
All questions of Chapter 8
Orange = this question · Grey = already opened.
About this solution
This is Chapter 8 Dissolution of a Partnership Firm of TS Grewal Edition 2022-23.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per CBSE Guidelines. Just follow our presentation of solutions and score good marks in Accountancy Board Exam.
Stuck on this question? Ask Vijay Sir
Be the first to ask on this question.