[ISC] Q. 21 solution of Retirement of Partner TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 21 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?

Varun, Jagdish and Tarun were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1 Balance Sheet of the firm as at 31st March, 2022 was as follows:

Liabilities	₹	Assets		₹
Sundry Creditors Bills Payable Reserve Capital A/cs: Varun Jagdish Tarun	25,000 12,000 15,000 40,000 40,000 30,000	Cash Sundry Debtors Less: PDD Closing Stock Furniture Plant and Machinery Building	20,000 1,000	3,000 19,000 30,000 10,000 40,000 60,000
	1,62,000			1,62,000

On 1st April, 2022, Jagdish retired. The terms of retirement were following:

(i) Goodwill of the firm was to be valued at ₹ 20,000.

(ii) Furniture and Plant and Machinery were to be reduced by 10% and 5% respectively.

(iii) Stock and Building were to be appreciated by 20% and 10% respectively.

(iv) Provision for Doubtful Debts was to be increased to ₹ 1,500.

(v) Amount due to Jagdish was to be transferred to his Loan Account earning interest @ 10% p.a.

Show Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the firm after Jagdish’s retirement.

Solution:-

Working Notes:-

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2022-23)

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Solutions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47