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

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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.

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1Question – 1
2Question – 2
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4Question – 4
5Question – 5
6Question – 6
7Question – 7
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51Question – 51
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53Question – 53
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55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
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Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his youtube channel and can download the Android & ios app for free lectures.

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