[ISC] Q. 29 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

Solution to Question number 29 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Vineet, Neeti and Umeed are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 was as follows:

Liabilities	₹	Assets	₹
Capital A/cs: Vineet Neeti Umeed General Reserve Workmen Compensation Reserve Creditors	9,00,000 7,00,000 5,00,000 3,30,000 2,40,000 4,10,000	Building Plant Furniture Stock Debtors Cash at Bank Advertisement Suspense A/c	10,00,000 8,00,000 80,000 5,00,000 6,00,000 70,000 30,000
	30,80,000		30,80,000

Umeed retired on 1st April, 2023 and for that purpose:

(i) Goodwill of the firm valued at ₹ 7,20,000. Umeed’s share is to be adjusted in the accounts of Vineet and Neeti.

(ii) Based on Expert’s Valuation, Building to be appreciated by 20% and Plant to be reduced by 10%. He was paid a fee of ₹ 4,000.

(iii) Furniture is to be reduced by ₹ 8,000.

(iv) Provision for Doubtful Debts is to be created @ 5% on debtors.

Vineet and Neeti are to bring in cash in their profit sharing ratio to pay Umeed’s dues on retirement.and leave a sum of ₹ 60,000 as Cash in Hand.

You are required to prepare Revaluation Account. Bank Account , Partner’s Capita Accounts and Balance Sheet of the new firm 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