Скачать или смотреть #11, Dissolution of a Partner Class 12 | T.S Grewal Solutions | Gaurav Jain

Question: 11
Simar, Raja and Rita were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. The firm was dissolved on 31st March, 2019. After the transfer of assets (other than cash) and external liabilities to the Realization Account, the following transactions took place:
(i) A debtor whose debt of ₹ 90,000 had been written off as bad, paid ₹ 88,000 in full settlement.
(ii) Creditors to whom ₹ 1,21,000 were due to be paid, accepted stock at ₹ 71,000 and the balance was paid to them by a cheque.
(iii) Raja had given a loan to the firm of ₹ 18,000. He was paid ₹ 17,000 in full settlement of his loan.
(iv) Investments were ₹ 53,000 out of which investments worth ₹ 43,000 were taken over by Simar at ₹ 52,000 and the balance of the investments were sold for ₹ 12,000.
(v) Expenses on dissolution amounted to ₹ 19,000 and the same were paid by the firm.
(vi) Profit on dissolution amounted to ₹ 30,000.
Pass the necessary journal entries for the above transactions in the books of the firm.

DISSOLUTION of partnership firm class 12 T.S Grewal Solutions | Gaurav Jain
accounts class 12 dissolution of a partner by gaurav jain

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