[ISC] Q. 37 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

Solution to Question number 37 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Balance Sheet of Manoj, Navin and Deep who were sharing the results in proportion to their capitals as at 31st March, 2023 is as under:

Liabilities	₹	Assets		₹
Bills Payable Sundry Creditors Capital A/cs: Manoj Navin Deep	10,000 24,500 1,00,000 75,000 50,000	Bank Balance Debtors Less: PDD Stock Plant and Machinery Factory Building	25,000 500	27,500 24,500 40,000 42,500 1,25,000
	2,59,500			2,59,500

Navin retired on 1st April, 2023 and the following adjustments were made:

(i) Stock was reduced by 6%.

(ii) Factory Building was appreciated by 20%.

(iii) Provision for Doubtful Debts was created up to 5%.

(iv) Provision for legal charges to be made ₹ 3,850.

(v) Goodwill of the firm be fixed at ₹ 54,000.

(vi) Capital of the new firm be fixed at ₹ 1,40,000 in the profit and loss sharing ratio.

Prepare Revaluation Account, Capital Accounts and Balance Sheet of Manoj and Deep after transferring Navin’s Capital Account to his Loan Account.

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