Q. 24 solution of Retirement of Partner Chapter TS Grewal Book Class 12 2021-22

Are you looking for the solution of Question number 24 of the Retirement of Partner Chapter of TS Grewal Book 2021-22 Edition for the 2021-22 session?

Question number 24 of the Retirement of Partner chapter is a practical one.

Solution of Question Number 24 of Retirement of Partner Chapter of TS Grewal Book 2021-22 Class 12

Question – 24

A, B and C were partners, sharing profits and losses in the ratio of 2:2:1. B retired on 31st March, 2021. On the date of his retirement, some of the assets and liabilities appeared in the books of as follows:

Creditors ₹ 70,000; Building ₹ 1,00,000; Pland and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.

Following was agreed among the partners on B’s retirement:

a) Building to be appreciated by 20%.

b) Plant and Machinery to be reduced by 10%

c) A provision of 5% on Debtors to be created for Doubtful Debts

d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000.

e) An Old Computer previously written off was sold for ₹ 2,000 as scrap.

f) Firm had to pay ₹ 5,000 to an injured employee.

Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.

Solution:-

S.N	Admission of Partner
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	Admission of Partner
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	Admission of Partner
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	Admission of Partner
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