[CBSE] Q. 27 Solution of Retirement of Partner TS Grewal Class 12 (2023-24)

Solution to Question number 27 of the Retirement of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

A, B and C were partners, sharing profits and losses in the ratio of 2 : 2 : 1. B retired on 31st March, 2023. on the date of his retirement, some of the assets and liabilities appeared in the books as follows:

Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of Raw Materials ₹ 20,000; Stock of Finished Goods ₹ 30,000 and Debtors ₹ 20,000.

Following was agreed among the partners on B’s retirement:

a) Building to be appreciated by 20%

b) Plant and Machinery to be reduced by 10%.

c) A Provision of 5% on Debtors to be created for Doubtful Debts.

d) Stock of Raw Materials to be valued at ₹ 18,000 and Finished Goods at ₹ 35,000.

e) An old Computer previously written off was sold for ₹ 2,000 as scrap.

f) Firm had to pay ₹ 5,000 to an injured employee.

Pass necessary Journal entries to record the above adjustments and prepare the Revaluation Account.

[Ans.: Gain (Profit) on Revaluation – ₹ 15,000.]

Solution:-

Here is the list of all Solutions of Retirement of Partners of TS Grewal class 12 CBSE 2023-24.

S.N	Questions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Questions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Questions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Questions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Questions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47
48	Question – 48
49	Question – 49
50	Question – 50

S.N	Questions
51	Question – 51
52	Question – 52
53	Question – 53
54	Question – 54
55	Question – 55
56	Question – 56
57	Question – 57
58	Question – 58
59	Question – 59
60	Question – 60