[CBSE] Q. 34 Solution of Retirement of Partner TS Grewal Class 12 (2023-24)

Solution to Question number 34 of the Retirement of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31st March, 2016, their Balance Sheet was as under:

Liabilities	₹	Assets	₹
Trade Creditors Employee’s Provident Fund Kanika’s Capital Disha’s Capital Kabir’s Capital	53,000 47,000 2,00,000 1,00,000 80,000	Bank Debtors Stock Fixed Assets Profit & Loss A/c	60,000 60,000 1,00,000 2,40,000 20,000
	4,80,000		4,80,000

Kanika retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon:

(a) Goodwill of the firm was valued at 2 Year’s purchase of average profits of three completed years preceding the date of retirement. The profits for the year:

2013-14 were ₹ 1,00,000 and for 2014-15 were ₹ 1,30,000.

(b) Fixed Assets were to be increased to ₹ 3,00,000.

(c) Stock was to be valued at 120%.

(d) The amount payable to Kanika was transferred to her Loan Account.

Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the reconstituted firm.

[Ans.: Gain (Profit) on Revaluation – ₹ 80,000; Capital A/cs: Disha – ₹ 80,000; Kabir – ₹ 60,000; Kanika’s Loan – ₹ 3,00,000; Balance Sheet Total – ₹ 5,40,000.]

Solution:-

Here is the list of all Solutions of Retirement of Partners of TS Grewal class 12 CBSE 2023-24.

S.N	Questions
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	Questions
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	Questions
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	Questions
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	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60