[CBSE] Q. 33 solution of Retirement of Partner TS Grewal Class 12 (2026-27)

Solution to Question number 33 of the Retirement of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board.

Alfa, Beta and Gama are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1st April, 2022, the day Beta decided to retire from firm, was as follows:

Liabilities	₹	Assets	₹
Alfa’s Capital Beta’s Capital Gama’s Capital General Reserve Sundry Creditors	3,00,000 2,00,000 2,00,000 1,00,000 1,00,000	Building Machinery Investments Debtors Stock Cash at Bank	2,50,000 1,50,000 2,50,000 1,00,000 50,000 1,00,000
	9,00,000		9,00,000

The terms of retirement were:

(I) Beta takes goodwill from Alfa for ₹ 30,000 and from Gama for ₹ 40,000 for foregoing his share of profits.

(ii) Stock to be appreciated by 20% and building by ₹ 50,000.

(iii) Investments were sold for ₹ 2,70,000.

(iv) Beta is paid by bank draft.

Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

[Ans.: Gain (Profit) on Revaluation – ₹ 80,000; Amount paid to Beta – ₹ 3,24,000; Partner’s Capital Accounts: Alfa – ₹ 3,60,000; Gama – ₹ 1,96,000 Balance Sheet Total – ₹ 6,56,000.]