[ISC] Q. 27 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

Solution to Question number 27 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Balance Sheet of Payal, Akeel and Ramesh as at 31st March, 2023 was as follows:

Liabilities	₹	Assets		₹
Creditors Investments Fluctuation Reserve Workmen Compensation Reserve Profit and Loss A/c Capital A/cs: Payal Akeel Ramesh	2,00,000 2,000 18,000 3,000 51,000 40,000 40,000	Balance at Bank Debtors Less: PDD Stock Machinery Investments Building Goodwill	30,000 1,600	1,60,000 28,400 4,000 29,000 30,000 1,00,000 3,000
	3,54,400			3,54,400

Ramesh retired on 1st April, 2023 and following adjustments were agreed upon:

(i) Building is to be appreciated by 10%.

(ii) All the Debtors were good.

(iii) Investments be valued 10% less than the book value

(iv) Stock be reduced to 93%.

(v) Goodwill be valued at one year’s purchase of the average profit of the past three years. Profits of the years ended 31st March, 2021 and 31st March, 2022 were ₹ 8,000 and ₹ 7,000 respectively.

(vi) Ramesh shall be paid ₹ 23,440 immediately and the balance in two equal yearly instalments together with interest @ 8% p.a.

(vii) New Ratio of Payal and Akeel would be 2 : 1.

Prepare Revaluation Account, Partner’s Capital Accounts, Ramesh’s Loan Account (till it is paid) and the Balance Sheet as at 1st April, 2023.

Solution:-

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2023 – 24)

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
48	Question – 48