Ts Grewal Solutions Chapter 7 - Dissolution of a Partnership Firm
Ts Grewal 2019 Solutions for Class 12 Chapter 7 Dissolution of a partnership firm are provided here. All questions and Solutions from the Double Entry Book Keeping Ts Grewal 2019 Book of Class 12 Accountancy Chapter 7 Dissolution of a partnership firm are provided here for you for free. You can just download the PDF file by just clicking on the download button given below.
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Question 1:
Land and Building (book value) ₹ 1,60,000 sold for ₹ 3,00,000 through a broker who charged 2% commission on the deal. Journalise the transaction, at the time of dissolution of the firm.
ANSWER:
| In the books of the firm
Journal |
|||||
| Date | Particulars | L.F. | Debit Amount(₹) |
Credit Amount(₹) |
|
| On the | Cash/ Bank A/c (3,00,000 – 6,000) | Dr. | 2,94,000 | ||
| Date of | To Realisation A/c (3,00,000 – 6,000) | 2,94,000 | |||
| Dissolution | (Being amount realized from land and building after providing for 2% commission to the broker) | ||||
