Dissolution of Partnership Firm | Questions 17–22 | T.S. Grewal | Class 12 Accountancy | Class 5

DISSOLUTION OF PARTNERSHIP FIRM – QUESTIONS 17 TO 22 | T.S. GREWAL | CLASS 12 ACCOUNTANCY In this detailed lecture, we solve and understand Questions 17, 18, 19, 20, 21 and 22 from the chapter “Dissolution of Partnership Firm” based on T.S. Grewal Accountancy. This lecture is specially designed for Class 12 Commerce and Accountancy students who want to build a strong conceptual understanding of Dissolution of Partnership Firm and learn how to solve practical questions step by step. 📚 TOPICS COVERED: • Dissolution of Partnership Firm • Questions 17 to 22 • Realisation Account • Treatment of Assets and Liabilities • Realisation of Assets • Payment of Liabilities • Distribution among Partners • Step-by-step practical solutions • Important Accountancy concepts for examinations ⏱️ LECTURE DURATION: Approximately 1 Hour 17 Minutes 📖 BOOK: T.S. Grewal Accountancy Question 17 Pass the necessary Journal entries for the following transactions on the dissolution of the partnership firm of Tina and Rina after the various assets (other than cash and bank) and external liabilities have been transferred to Realisation Account: (i) There was an outstanding bill for repairs for which ₹20,000 were paid. (ii) The firm had stock of ₹80,000. Tina took over 50% of the stock at a discount of 20% while the remaining stock was sold off for ₹52,000. (iii) The firm had 100 shares of ₹10 each which were taken over by the partners at market value of ₹20 per share in their profit-sharing ratio of 3 : 2. (iv) Realisation expenses of ₹4,000 were paid by Rina. (v) Tina had given a loan of ₹40,000 to the firm which was duly paid. (vi) Rina agreed to pay off her husband's loan of ₹10,000 at a discount of 10%. Question 18 Pass necessary Journal entries on dissolution of a firm in the following cases: (a) Dharam, a partner, was appointed to look after the process of dissolution at a remuneration of ₹12,000. Dissolution expenses were to be borne by the firm. Dissolution expenses ₹11,000 were paid by Dharam. (b) Jay, a partner, was appointed to look after dissolution and was to be paid ₹15,000, including dissolution expenses. Dissolution expenses ₹16,000 were paid by Vijay, another partner on behalf of Jay. (c) Deepa, a partner, was to handle dissolution and for this work she was to be paid ₹7,000, including dissolution expenses. Dissolution expenses ₹6,000 were paid from the firm's bank account. (d) Dev, a partner, agreed to do the work of dissolution for ₹7,500. He took stock of the same value as his remuneration. The stock had already been transferred to Realisation Account. (e) Jeev, a partner, agreed to do the work of dissolution for which he was allowed ₹10,000. He agreed to bear the dissolution expenses. Actual dissolution expenses paid by Jeev were ₹12,000. These expenses were paid by Jeev by drawing cash from the firm. Question 19 C, D and E were partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their Balance Sheet as at 31st March, 2022 was as follows: Balance Sheet of C, D and E as at 31st March, 2022 Liabi Sundry Creditors 1,00,000 Bills Payable 2,00,000 Total 11,20,000 Total 11,20,000 On the above date, the firm was dissolved due to certain disagreement among the partners: (i) Machinery of ₹3,00,000 were given to creditors in full settlement of their account and remaining machinery was sold for ₹10,000. (ii) Investments realised ₹2,90,000. (iii) Stock was sold for ₹1,80,000. (iv) Debtors for ₹20,000 proved bad. (v) Realisation expenses amounted to ₹10,000. Prepare Realisation Account. Question 20 Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2025, their Balance Sheet was as follows: Balance Sheet of Ramesh and Umesh as at 31st March, 2025 Liabilit On the above date the firm was dissolved. (a) Ramesh took 50% of stock at ₹10,000 less than book value. (b) Furniture was taken by Umesh for ₹50,000 and machinery was sold for ₹4,50,000. (c) Creditors were paid in full. (d) There was an unrecorded bill for repairs for ₹1,60,000 which was settled and paid at ₹1,40,000. Prepare Realisation Account. Question 21 Pradeep and Paresh partners in a firm decided to dissolve their partnership firm on 1st April, 2025. Pradeep was deputed to realise the assets and to pay off the liabilities. He was paid ₹10,000 as commission for his services. Balance Sheet of the firm on 31st March, 2025 was as follows: Balance Sheet as at 31st March, 2025 Liabilities ₹ 🎓 USEFUL FOR: Class 12 Accountancy Students CBSE Commerce Students B.Com Students Commerce Students Accountancy Exam Preparation Board Examination Preparation If you find this lecture helpful, LIKE the video, SHARE it with your Commerce friends and SUBSCRIBE to GROWTH MIND COMMERCE for more Accountancy and Commerce lectures. 💬 Comment below which question or chapter you want me to explain next! #DissolutionOfPartnershipFirm #TSGrewal #Class12Accountancy #Accountancy #PartnershipAccounts #Commerce #GrowthMindCommerce