{"id":85965,"date":"2021-10-07T13:48:00","date_gmt":"2021-10-07T08:18:00","guid":{"rendered":"https:\/\/www.kopykitab.com\/blog\/?p=85965"},"modified":"2021-10-11T21:02:51","modified_gmt":"2021-10-11T15:32:51","slug":"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7","status":"publish","type":"post","link":"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/","title":{"rendered":"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm 2021-22"},"content":{"rendered":"\n<p><img class=\"alignnone size-full wp-image-136240\" src=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-7-Dissolution-of-partnership-firm.jpg\" alt=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 - Dissolution of partnership firm\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-7-Dissolution-of-partnership-firm.jpg 1200w, https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-7-Dissolution-of-partnership-firm-768x432.jpg 768w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7:\u00a0<\/strong>You can easily download the free PDF for\u00a0TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 in this article from the link provided below. the solutions will be very helpful for your Class 12 Board Exams.\u00a0<\/span><\/p>\n<ul>\n<li>Read More: <a href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions\/\" target=\"_blank\" rel=\"noopener\">TS Grewal Class 12 Solutions\u00a0<\/a><\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_47_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69db72c43c000\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69db72c43c000\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-visibility-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-pdf\" title=\"Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 PDF\">Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-%e2%80%93-detailed-topics\" title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 \u2013 Detailed Topics\u00a0\u00a0\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 \u2013 Detailed Topics\u00a0\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-sample-questions\" title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 -Sample Questions\u00a0\u00a0\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 -Sample Questions\u00a0\u00a0<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#faq-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-%e2%80%93-dissolution-of-partnership-firm\" title=\"FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm\">FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#what-is-meant-by-the-dissolution-of-a-firm\" title=\"What is meant by the dissolution of a firm?\">What is meant by the dissolution of a firm?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#what-is-a-compulsory-dissolution-of-partnership\" title=\"What is a compulsory dissolution of partnership?\">What is a compulsory dissolution of partnership?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#what-is-compulsory-dissolution\" title=\"What is compulsory dissolution?\">What is compulsory dissolution?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/#what-happens-to-partnership-assets-on-dissolution\" title=\"What happens to partnership assets on dissolution?\">What happens to partnership assets on dissolution?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-pdf\"><\/span><span data-preserver-spaces=\"true\">Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 PDF<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/04\/7.pdf\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7<\/a><\/p>\n<div id=\"example1\" style=\"text-align: justify;\">\u00a0<\/div>\n<p style=\"text-align: justify;\"><style>\n.pdfobject-container { height: 500px;}<br \/>\n.pdfobject { border: 1px solid #666; }<br \/>\n<\/style><\/p>\n<p style=\"text-align: justify;\"><script src=\"https:\/\/www.kopykitab.com\/_utility\/js\/pdfobject.min.js\"><\/script><br \/><script>PDFObject.embed(\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/04\/7.pdf\", \"#example1\");<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-%e2%80%93-detailed-topics\"><\/span><span data-preserver-spaces=\"true\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 \u2013 Detailed Topics\u00a0\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Dissolution of a firm: As per the Indian Partnership Act 1932, a Dissolution firm means termination of partnership among all the partners of the firm. When a firm is dissolved, the business of the firm terminates. All the assets of the firm are disposed of and all outsiders, Liabilities, loans, are paid.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">This chapter consists of these topics in detail:-\u00a0\u00a0<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Dissolution of Partnership Firm: it takes place on Change in Profit Sharing Ratio among the existing partners, Admission of a Partner, Retirement of Death of a partner\u00a0\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Types of Dissolution of firms: without the intervention of the court, dissolution by order of the court.\u00a0\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Accounting treatment of Dissolution: Realisation Account, Partner\u2019s loan account, partner\u2019s capital account, cash or bank account.\u00a0\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Realization account: preparation of realization account, provision, closing Liabilities account, provident fund, the realization of assets, realization expenses\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Preparation of memorandum of the balance sheet: If a balance sheet on the date of dissolution is not given in the question there is always advisable to prepare a Memorandum of Balance Sheet on the date of Dissolution to ascertain the amount of balancing figure.\u00a0\u00a0<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-sample-questions\"><\/span><span data-preserver-spaces=\"true\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 -Sample Questions\u00a0\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In this section, the students will get TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 Sample Questions Along with the answers\u00a0\u00a0<\/span><\/p>\n<p><strong>Q1. What is meant by Dissolution, also explain what is the dissolution of the firm?\u00a0\u00a0<\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A. Dissolution of partnership firm means a change in relationship among the partners but the firm continues. On the other hand, Dissolution of the firm means the business of the firm is discontinued i.e. closed and the firm is wound up i.e. dissolved. Dissolution of a firm means the Dissolution of partnership among all the partners of the firm and the firm\u2019s business is closed.\u00a0\u00a0<\/span><\/p>\n<p><strong>Q2. What is a Realisation Account? Give any two objects of preparing a Realisation Account in the Dissolution of a firm.\u00a0\u00a0<\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A. Realisation Account is opened on the Dissolution of a firm. The object of preparing this account is to close the books of accounts of the dissolved firm and to determine gain or loss in the realization of assets and payment of Liabilities.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The two objects of preparing the Realisation Account in the dissolution of a firm are:-\u00a0\u00a0<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">Transferring assets expect cash or Bank Account to the debit side of the account\u00a0\u00a0<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Transferring all Liabilities except Partner\u2019s loan Account and Partner\u2019s Capital Accounts to the credit of the account.\u00a0\u00a0<\/span><\/li>\n<\/ol>\n<p><strong>Q3. If a loan from a partner appears in the Liabilities side of the Balance Sheet of the firm and the Capital Account of Such partner shows a debit balance, how is the loan dealt with? Does the loan from outside have priority over the loan from a partner as to repayment?\u00a0\u00a0<\/strong><\/p>\n<p><span data-preserver-spaces=\"true\">A. Debit Balance in Partner\u2019s Capital Account is less than the loan given by him. Hence, the amount of Capital is transferred from his loan account to his capital account. Yes, the loan from outside has Priority over the loan from a partner as to repayment.\u00a0\u00a0<\/span><\/p>\n<p>We have included complete information regarding\u00a0<span data-preserver-spaces=\"true\"><a href=\"http:\/\/www.cbse.gov.in\/\" target=\"_blank\" rel=\"noopener\">CBSE<\/a> TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm. If you have any questions feel free to ask in the comment section.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"faq-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7-%e2%80%93-dissolution-of-partnership-firm\"><\/span>FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1633594521095\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-meant-by-the-dissolution-of-a-firm\"><\/span>What is meant by the dissolution of a firm?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Dissolution of a firm refers to\u00a0the dissolution of an existing partnership that owns and controls a firm or an organization.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633594529340\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-a-compulsory-dissolution-of-partnership\"><\/span>What is a compulsory dissolution of partnership?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>All partners or all partners except one partner are declared insolvent.\u00a0<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633594530428\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-is-compulsory-dissolution\"><\/span>What is compulsory dissolution?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>A firm is\u00a0<strong>dissolved-<\/strong>\u00a0by the adjudication of all the partners or of all the partners\u00a0but one as insolvent, or. by the happening of any event which makes it unlawful for the business of the firm to be.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633594533279\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-happens-to-partnership-assets-on-dissolution\"><\/span>What happens to partnership assets on dissolution?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>When a partnership dissolves, the individuals involved are no longer partners in a legal sense, but the partnership continues until the business&#8217;s debts are settled,\u00a0the legal existence of the business is terminated and the remaining assets of the company have been distributed.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7:\u00a0You can easily download the free PDF for\u00a0TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 in this article from the link provided below. the solutions will be very helpful for your Class 12 Board Exams.\u00a0 Read More: TS Grewal Class 12 Solutions\u00a0 Download TS &#8230; <a title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm 2021-22\" class=\"read-more\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-7\/\" aria-label=\"More on TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 7 &#8211; Dissolution of partnership firm 2021-22\">Read more<\/a><\/p>\n","protected":false},"author":244,"featured_media":136240,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":""},"categories":[2917,73693,2985,73410],"tags":[77232,77231,77230],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85965"}],"collection":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/users\/244"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/comments?post=85965"}],"version-history":[{"count":5,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85965\/revisions"}],"predecessor-version":[{"id":137639,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85965\/revisions\/137639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media\/136240"}],"wp:attachment":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media?parent=85965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/categories?post=85965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/tags?post=85965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}