[ISC] Q. 47 Retirement of Partner TS Grewal Solution Class 12 (2024-25)

Solution to Question number 47 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2024-25 session.

Sunil, Nitish and Sapna were partners in a trading firm, sharing profits and losses equally. On 31st March, 2023, the Balance Sheet of the firm stood as follows:

Liabilities	₹	Assets	₹
Creditors General Reserve Bank Loan Capital A/cs: Sunil Nitish Sapna	1,35,000 1,20,000 50,000 1,50,000 1,00,000 80,000	Cash at Bank Debtors Stock Building Goodwill	59,000 80,000 1,16,000 2,30,000 1,50,000
	6,35,000		6,35,000

On 1st July, 2023, Sapna retires and the following conditions were agreed upon:

(a) The value of Building should be appreciated by ₹ 70,000.

(b) Create Provision @ 5% on debtors for doubtful debts.

(c) Goodwill of the firm was valued at ₹ 1,80,000.

(d) Sapna’s share of profits up to the date of retirement be calculated on the basis of last year’s profit. The profit earned in the previous year was ₹ 6,00,000.

Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet after retirement of Sapna.

Solution:-

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2024-25)

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
49	Question – 49
50	Question – 50
51	Question – 51
52	Question – 52
53	Question – 53