[DK Goel] Q. 41, 42 Retirement of Partner Solutions Class 12 CBSE (2026-27)
Here are the solutions of Question number 41 and 42 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)
Q. 41. P, Q and R are partners in a firm. Q retires and his claim including his capital and his share of goodwill is ₹ 8,00,000. There was an unrecorded furniture valued at ₹ 60,000, three-fourth of which was given to an unrecorded creditor of ₹ 1,00,000 in settlement of his claim of ₹ 70,000 and remaining one-fourth was given to Q at ₹ 12,000 in part settlement of his claim. Balance of Q’s claim was discharged by cheque.
[Ans. Loss on Revaluation ₹ 18,000; For payment to Q;
Q’s Capital A/c Dr. 7,94,000
To Furniture A/c 12,000
To Bank A/c 7,82,000
Hints:
(i) Unrecorded furniture of ₹ 45,000 is given to unrecorded creditor of ₹ 70,000. No accounting entry will be passed for it.
(ii) Unrecorded creditors of ₹ 30,000 will be recorded by debiting Revaluation A/c
Solution:-
Q. 42. The Balance Sheet of X, Y and Z who were sharing profit in proportion of capitals is as follows:
| Liabilities | ₹ | Assets | ₹ |
| Sundry Creditors | 7,000 | Cash at Bank | 15,600 |
| Capital A/cs: X Y z | 25,000 20,000 15,000 | Sundry Debtors 5,000 Less: Provision 100 | 4,900 |
| Stock | |||
| Plant and Machinery | |||
| Land and Building | |||
| 67,000 | 67,000 |
Y retires and the following adjustments of the assets and liabilities have been made before the ascertainment of the amount payable by the firm to Y:
(I) That the stock be depreciated by 5%.
(ii) That the provision for doubtful debts be increased to 5% on debtors.
(iii) That the land and building be appreciated by 20%.
(iv) That a provision of ₹ 750 be made in respect of outstanding legal charges.
(v) That the Goodwill of the entire firm be fixed at ₹ 16,200 and Y’s share of the same be adjusted into the Accounts of X and Z.
(vi) That X and Z decide to share future profits of the firm in equal proportion.
(vii) That the entire capital of the new firm is fixed at ₹ 48,000 between X and Z in equal proportions. For the purpose, actual cash is to be brought in or paid off.
You are required to prepare the Revaluation Account, Partner’s Capital Accounts, Bank account and revised balance Sheet after Y’s retirement. Also indicate the gaining ratio.
[Ans. Gain on Revaluation ₹ 3,600; Y’s Loan Account ₹ 26,600; Capital A/cs – X ₹ 24,000 and Z ₹ 24,000; Cash withdrawn by X ₹ 1,150; and cash brought in by Z ₹ 12,150; Bank Balance – ₹ 26,600; Balance Sheet total ₹ 82,350.]
Solution:-
