[ISC] Q. 47 Retirement of Partner TS Grewal Solution Class 12 (2026-27)
Solution to Question number 47 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2026-27 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:-
