[DK Goel] Q. 61, 62 Retirement of Partner Solutions Class 12 CBSE (2026-27)
Here are the solutions of Question number 61 and 62 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)
Q. 61. A, B and C were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. Their books are closed on March 31st every year.
B died on 1st August, 2022. The executors of B are entitled to:
(i) His share of Capital i.e., ₹ 4,00,000 along with his share of goodwill. The total goodwill of the firm was valued at 1.5 year’s purchase of last year’s profit.
(ii) His share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2022 was ₹ 4,00,000 and profit for the same year was ₹ 80,000. Sales shows a growth trend of 25% and percentage of profit earning is by 4%.
(iii) Amount payable to B was transferred to his executors.
Pass necessary Journal Entries and show the workings clearly.
[Ans. Amount payable to B’s Executors ₹ 4,64,000.]
Hints: B’s share of Goodwill ₹ 48,000; B’s share of profit ₹ 16,000.
Solution:-
Q. 62. The Balance Sheet of Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3 : 3 : 4 respectively, as at 31st March, 2023 was as follows:
| Liabilities | ₹ | Assets | ₹ |
| General Reserve | 10,000 | Cash | 32,000 |
| Bills Payable | 20,000 | Stock | 88,000 |
| Loan | 24,000 | Investments | 94,000 |
| Capitals: Sindhu Rahul Kamlesh | 1,20,000 1,00,000 80,000 | Land & Building | 1,20,000 |
| Sindhu’s Loan | 20,000 | ||
| 3,54,000 | 3,54,000 |
Sindhu died on 31st July 2023. The Partnership deed provided for the following on the death of a partner:
(a) Goodwill of the firm be valued at two year’s purchase of average profits for the last three years which were ₹ 80,000.
(b) Sindhu’s share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March, 2023 amounted to ₹ 8,00,000 and that from 1st April to 31st Julyy 2023 ₹ 3,00,000. The profit for the year ended 31st March, 2023 was ₹ 2,00,000.
(c) Interest on capital was to be provided @ 6% p.a.
Prepare Sindhu’s Capital Account to be rendered to his executor.
[Ans. Balance due to Sindhu’s Executor ₹ 1,75,900.]
Solution:-
