[DK Goel] Q. 67, 68 Retirement of Partner Solutions Class 12 CBSE (2026-27)
Here are the solutions of Question number 67 and 68 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)
Q. 67. A, B and C were partners in a firm. A died on 31.3.2018 and the Balance Sheet of the firm on that date was as under:
Balance Sheet of A, B and C as at 31.3.2018
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 7,000 | Cash at Bank | 12,000 |
| General Reserve | 9,000 | Debtors | 32,000 |
| Workmen’s Compensation Reserve | 10,000 | Furniture | 30,000 |
| Profit & Loss Account | 6,000 | Plant | 40,000 |
| Capitals: A B C | 40,000 30,000 20,000 | Patents | 8,000 |
| 1,22,000 | 1,22,000 |
On A’s death it was found that patents were valueless, furniture was to be brought down to 24,000, plant was to be reduced by ₹ 10,000 and there was a liability of ₹ 7,000 on account of workmen’s compensation.
Pass the necessary journal entries for the above at the time of A’s death.
[Ans. Amount due to A’s Executors ₹ 38,000.]
Solution:-
Q. 68. Anuj, Tanuj and Vishesh were partners in a firm sharing profits in 2 : 2 : 1. Tanuj died on 31st July 2023. His capital on 1st April, 2023 was ₹ 6,00,000. You are informed that:
(I) Tanuj is entitled to 6% p.a. interest on his capital.
(ii) He is entitled to his share of profit till the date of death on the basis of last year’s profit which were ₹ 2,40,000.
(iii) Land and Building with book value of ₹ 12,00,000 is undervalued by 40%.
(iv) Executors of Tanuj were paid ₹ 10,00,000 in full settlement of his account.
Prepare Tanuj’s Capital Account.
[Ans. Tanuj’s share of hidden goodwill ₹ 36,000.]
Solution:-
