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TS Grewal Solutions Class 12 Accountancy Volume 1 Chapter 7

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Last updated date: 17th Apr 2024
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Class 12 Accountancy TS Grewal Solutions Volume 1 Chapter 7 - Dissolution of Partnership Firm

A firm is a for-profit organization generally formed between two or more people as a partnership to provide professional services. When existing partners decide to discontinue their relationship, it leads to the dissolution of the partnership firm. In TS Grewal Solutions Class 12 Chapter 7, students would be acquainted with different terms related to partnership dissolution and various modes of dissolution. Students will also get to know how the settlement of accounts happens when a firm is dissolved. They will learn about many terms and their meanings concerning firm dissolution like realization account, accounting treatment, etc.


TS Grewal Solutions is thought to be one of the best books to refer to for the core subject of Commerce, Accountancy. CBSE solutions for TS Grewal are created and written by Accountancy experts. Vedantu provides all solutions free of charge.


Accountancy is a major subject in the Commerce stream. It is a high-scoring subject that can lead to a career in a variety of fields such as CA, CS, and CMA. As a result, good grades are unquestionably required for students who wish to pursue these courses.


Accountancy textbooks by TS Grewal are well-known in the field. Because the solutions are given chapter by chapter, they are easy to understand. The answers to these sum up to the specific questions asked in the board exams.

TS Grewal Textbook Solutions for CBSE Accountancy Have the Following Unique Features:

  • The solutions are simple to grasp.

  • The most devoted textbook solutions

  • Accessible at no cost in accordance with the advanced CBSE syllabus

  • Solutions to difficult problems that are precise and clear

  • Solutions organized by chapter

  • Serve as an excellent resource for exam preparation and revision.


Accountancy Solutions for Class 12 by TS Grewal:

TS Grewal Accountancy Class 11 and 12 solutions are precise, clear, and simple to understand, serving as a catalyst for preparation and revision. The majority of the solutions in TS Grewal Accountancy solutions are likely to appear in board examinations. These textbooks are unquestionably useful for students to use on a daily basis. The answers to the complex questions provided here are clear and precise.


Accountancy is introduced to students in Class 11. They would either find it simple or complex, depending on how well they understand the concepts. Learning the fundamentals is unquestionably necessary, and the best way to study smart is to learn from textbook solutions that are explained and solved chapter by chapter. Vedantu provides TS Grewal Class 11 Solutions for Accountancy to help students understand all of the theories in particular. Accountancy contains many concepts, but the concepts of Trial Balance, Depreciation, and Bank Reconciliation Statement (BRS) are required.


Subject matter experts outline TS Grewal Textbook Solutions. These model solutions include comprehensive, step-by-step solutions to all questions in the TS Grewal Accountancy textbook. They provide a priceless benefit to students while they complete their homework or study for their exams.


Why Should Students Think About Studying With TS Grewal Solutions Class 12?

  • Subject matter experts outline solutions.

  • Certain answers and topics are covered.

  • Chapter-by-chapter solutions.

  • According to the advanced CBSE curriculum.

  • Emphasize concepts that are important for the exam.

A partnership is a type of business in which two or more people enter into a formal agreement to be co-owners, distribute responsibilities for running an organization, and share the income or losses generated by the business.


In India, the 'Indian Partnership Act 1932' governs all aspects and functions of the partnership. According to this law, a partnership is an association between two or more individuals or parties who have agreed to share the profits generated by the business under the supervision of all the members or on behalf of other members.


All of the rights and responsibilities of each partner who has established the business are outlined in this agreement. The partnership agreement includes the names of both parties or partners, the purpose for which the partnership was formed, the location of the business, the amount invested by each partner, and the distribution of profits among the partners.


However, according to the Partnership Act of 1932, this partnership can be dissolved only if certain predefined provisions are met, such as:

  • Agreement-based Dissolution

  • Notice of Dissolution

  • Compulsory Dissolution by a Court of Law

  • Dissolution Under Condition


Partnership Dissolution

The concepts of partnership dissolution and partnership firm dissolution are distinct. The dissolution of a partnership denotes a change in the business relationship between the partners, whereas the dissolution of a firm denotes the dissolution of the firm as well as the relationship between the partners. In this case, all assets and liabilities have been settled and properly disposed of.


When one of the partners associated with the business stops to be a part of the business in the upcoming future, the partnership is said to have been dissolved. It is not the same as the dissolution of a partnership. Dissolution can be defined as the process that leads to the end of a partnership. Following dissolution, the remaining partners continue the partnership, but it is a completely new and different partnership.


Continue to visit Vedantu for more TS Grewal solutions, question papers, sample papers, syllabus, and Commerce notifications.


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FAQs on TS Grewal Solutions Class 12 Accountancy Volume 1 Chapter 7

1. Is TS Grewal Solutions Class 12 Accountancy Volume 1 Chapter 7 beneficial to students?

TS Grewal Solutions is beneficial to students. TS Grewal Solutions for Class 12 is regarded as the most beneficial study resource for students pursuing their Class 12. These CBSE Class 12 solutions are written with the current CBSE syllabus in mind, so they have a good chance of passing the board exams. TS Grewal solutions are suggested by our subject-matter experts who have gone through the whole book and suggest to every student in their class 12 for scoring better in their board examination.

2. Is it required to complete all of the chapter exercises?

It is always preferable to complete all of the chapter exercises because they provide practice. Accountancy is not a subject that can be learned simply by reading or memorizing. It takes dedication and practice. After each section of the RS Grewal textbook, there are examples and exercises. After you've finished each section, go over the solved examples and make sure you understand them completely. Then proceed to the exercises and attempt to solve them. There is a chance that the same questions will appear in the examination, so students should practice the sums in the exercises thoroughly.

3. How can I do well in class 12 Accountancy?

The only way to do well in class 12 Accountancy is to practice. Complete all of the chapter exercises. This will enhance your problem-solving abilities as well as your speed and efficiency. Important formulas, definitions, and equations can be written down in a notebook and reviewed on a regular basis. Solve previous year's sample papers and question papers within a time limit. This will familiarise you with the paper pattern and question type, as well as help you improve your time management skills. Revise on a regular basis to ensure that you retain everything you've learned for a longer period of time.

4. Where can I find useful math study materials for class 12?

Everything you need can be found on the Vedantu app or website. These resources are created by experts in the field, and the information is accurate and dependable. Students will be able to find revision notes, important questions, question papers, and much more! There are no fees or costs associated with these study materials. All students need to do is sign in, and then they can download whatever they want in pdf format. You can benefit from these free resources, which will undoubtedly help you ace your exams.

5. Why should students consider using TS Grewal Solutions Class 12 to study?

The following are the reasons to consider using TS Grewal solutions class 12 to study: 

  • Solutions are outlined by subject matter experts.

  • Certain questions and topics are addressed.

  • Chapter-by-chapter solutions are available.

  • According to the CBSE advanced curriculum.

  • Examinable concepts should be highlighted.

  • They are outlined by Subject matter experts.

  • These model solutions offer comprehensive and step-by-step solutions to help students easily understand the concepts.

  • They help as a priceless benefit to the students.

  • Act as a great source for preparation and revision for exams.