[ISC] Q. 23 Retirement of Partner TS Grewal Solution Class 12 (2026-27)

Solution to Question number 23 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2026-27 session?

X, Y and Z are partners sharing profits in the ratio of 5:3:2. Y retired and X and Z agree to share
future profits in the ratio of 2:2: 1.

At the time of retirement of Y, investments existed at ₹ 40,000. Half of the investments were taken by partners in their profit-sharing ratio at book value. Remaining investments were valued at 25,000.

Pass the necessary Journal entries.

Solution:-