[DK Goel] Q. 55, 56 Retirement of Partner Solutions Class 12 CBSE (2026-27)

Here are the solutions of Question number 55 and 56 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)

Q. 55. X, Y and Z are partners sharing profits in the ratio of 4 : 2 : 3. Y retires. on this date his Capital after making adjustments for reserves and revaluation exists at ₹ 2,00,000. X and Z agreed to pay him ₹ 2,40,000 in full settlement of his account. Record necessary journal entry for the treatment of goodwill if X and Z decided to share future profits equally.

[Ans. Hidden Goodwill ₹ 40,000. It will be debited to X and Z in their gaining ratio 1 : 3.]

Solution:-

Q. 56. Shobha, Romila and Payal were partners sharing profits equally. Romila retired on 1st April, 2026 and amount due to her after all adjustments for accumulated profits and gain on revaluation was 5,80,000. It was decided that Romila will be paid *6,40,000 in full settlement.

Shobha and Payal agreed to share future profits in the ratio of 7: 2. 40,000 was paid immediately and balance on 1st December, 2026.

Pass the necessary Journal entries on Romila’s retirement.

[Ans. Value of Firm’s (Hidden) Goodwill1,80,000

Shobha gains 9 th share and Payal sacrifice th share.]

Solution:-