[ISC] Q. 43 solution of Retirement of Partner TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 43 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?

Balance Sheet of Xavier, Yusuf and Zaman who were sharing profits in the ratio of 4 : 3 : 2 stood as follows as at 31st March, 2022:

Liabilities	₹	Assets		₹
Sundry Creditors Workmen Compensation Reserve Capital A/cs: Xavier Yusuf Zaman	41,400 9,000 1,20,000 90,000 60,000	Cash at Bank Sundry Debtors Less: PDD Stock Plant and Machinery Land and Building Advertisement Expenditure	30,450 1,050	33,000 29,400 48,000 51,000 1,50,000 9,000
	3,20,400			3,20,400

Yusuf retired from the firm on 1st April, 2022 and following adjustments in the books of the firm were agreed upon:

(i) That Land and Building be appreciated by 10%.

(ii) Provision for Doubtful Debts is no longer necessary.

(iii) Stock be appreciated by 20%.

(iv) Adjustment be made in the accounts to rectify a mistake previously made whereby Yusuf was credited in excess by ₹ 8,100 while Xavier and Zaman were debited in excess by ₹ 4,200 and by ₹ 3,900 respectively.

(v) Goodwill of the firm be valued at ₹ 54,000 and Yusuf’s share is to be adjusted in the Capital Accounts of Xavier and Zaman who are going to share future profits in the ratio of 2 : 1.

(vi) Capital of the firm, as newly constituted, will be readjusted by bringing in or paying cash so that the future capitals of Xavier and Zaman be in the ratio of 2 : 1.

Pass Journal entries and prepare Balance Sheet of the new firm showing Yusuf’s balance as loan.

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