[DK Goel] Q. 47, 48 Retirement of Partner Solutions Class 12 CBSE (2026-27)

Here are the solutions of Question number 47 and 48 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)

Q. 47. R, S and T were partners in a firm sharing profits in 2 : 2 : 1 ratio. On 1-4-2021 their Balance Sheet was as follows:

Liabilities	₹	Assets	₹
Bank Loan	12,800	Cash	51,300
Sundry Creditors	25,000	Bills Receivable	10,800
Capitals: R S T	80,000 50,000 40,000	Debtors	35,600
Profit and Loss A/c	9,000	Stock	44,600
		Furniture	7,000
		Plant and Machinery	19,500
		Building	48,000
	2,16,800		2,16,800

S retired from the firm on 1.4.2021 and his share was ascertined on the revaluation of assets as follows:

Stock ₹ 40,000; Furniture ₹ 6,000; Plant and Machinery ₹ 18,000; Building ₹ 40,000; ₹ 1,700 were to be provided for doubtful debts. The goodwill of the firm was valued at ₹ 12,000.

S was to be paid ₹ 21,680 in cash on retirement and the balance in three equal quarterly instalments (Starting from 30th June 2021) along with interest @ 12% p.a.

Prepare Revaluation Account, Partner’s Capital Accounts, S’s Loan Account and Balance Sheet on 1.4.2021.

[Ans. Loss on Revaluation ₹ 16,800; S’s Loan A/c ₹ 30,000; Capital A/cs : R ₹ 73,680 and T ₹ 36,840; Balance Sheet Total ₹ 1,78,320.]

Hint: Payment of S’s Loan A/c : ₹ 10,900 on 30th June 2021; ₹ 10,600 on 30th Sept. 2021 and ₹ 10,300 on 31st Dec. 2021.

Solution:-

Following is the Balance Sheet of G, K & W as at 31st March, 2019 who share profits in the ratio of 3 : 2 : 1.

Liabilities	₹	Assets	₹
Capital Accounts: G K W	22,000 13,000 9,000	Goodwill	7,500
Sundry Creditors	10,000	Stock	12,500
Bills Payable	4,000	Sundry Debtors	12,000
General Reserve	12,000	Land and Buildings	15,000
		Plant and Machinery	18,000
		Motor Vehicle	5,000
	70,000		70,000

Q. 48. On 1st April, 2019, G retired and the following arrangements were agreed upon:

(1) Goodwill of the firm is to be valued at ₹ 15,000.

(2) The assets and liabilities are to be valued as under; Stock ₹ 10,000; Sundry Debtors ₹ 11,500; Land and Buildings ₹ 18,000; Plant and Machinery ₹ 16,500; and Sundry Creditors ₹ 9,200.

(3) Liability for Workmen’s Compensation amounting to ₹ 500 is to be brought into the books.

(4) The entire capital of the firm as newly constituted be fixed at ₹ 35,000 between K and W in the proportion of 4 : 3 and the actual cash to be paid off or to be brought in by continuing partners as the case may be.

(5) ₹ 13,150 were paid to G. The balance due to him was to be paid in three equal installments annually together with interest @ 12% per annum.

Give necessary ledger accounts, the Balance Sheet of the firm after G’s retirement and G’s Loan Account till it is finally paid off.

[Ans. Loss on Revaluation ₹ 1,200; Balance of G’s Loan A/c on 1st April, 2019 ₹ 18,000; Capital Accounts : K ₹ 20,000 and W ₹ 15,000; Cash brought in by K ₹ 10,900 and W ₹ 7,950; Cash Balance ₹ 5,700; B/S Total ₹ 66,700.]

Solution:-