Solution of Q 7 Dissolution of a Partnership Firm TS Grewal 2022-23 [CBSE]
Step-by-step solution of Question 7, Chapter 8 Dissolution of a Partnership Firm, TS Grewal Class 12 Accountancy 2022-23 for the CBSE Board.
Question 7
Pass Journal entries for the following at the time of dissolution of the firm of X and Y after the various 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% 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.
- (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 Krishan, a partner, to reimburse him up to ₹ 7,500.
Solution
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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.
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