[DK Goel] Q. 31, 32 Retirement of Partner Solutions Class 12 CBSE (2026-27)
Here are the solutions of Question number 31 and 32 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)
Q. 31. A, B and C are partners sharing profits in the ratio of 3 : 2 : 1. C retires and new profit sharing ratio is agreed at 3 : 1. They also decided to record the effect of the following without affecting their book values:
| ₹ | |
| General Reserve | 1,00,000 |
| Profit & Loss Account | 45,000 |
| Advertisement Suspense Account | 25,000 |
You are required to pass the necessary single adjusting entry.
[Ans. Debit A’s Capital A/c by ₹ 30,000; Credit B’s Capital A/c by ₹ 10,000 and C’s Capital A/c by ₹ 20,000.]
Solution:-
Q. 32. Rohan, Riya and Priya were partners in a firm with profit sharing ratio of 4: 2: 1. Priya retired on Ist September, 2024. On that day, the capitals of Rohan and Riya after all adjustments were ₹10,50,000 and ₹5,50,000 respectively.
Total amount payable to Priya was ₹4,00,000 which was paid to her until 31st March, 2025. not The Firm earned a profit of ₹50,000 during the period of 7 months ended on 31st March, 2025. Priya wants to exercise provisions of Section 37 of Indian Partnership Act. 1932.
Which of the two options available under Section 37 should be opted by Priya, if amount due to her was paid on 31st March, 2025?
[Ans. Option (i) Interest for 7 months14,000 Option (ii) Share of Profit 10,000 Hence, She will opt for the 1st one.]
Solution:-
