[CBSE] Q. 31 Solution of Retirement of Partner TS Grewal Class 12 (2024-25)

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Solution to Question number 31 of the Retirement of Partner chapter 5 of TS Grewal Book 2024-25 Edition CBSE Board.

N, G and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2016 their Balance Sheet was as under:

LiabilitiesAssets
Creditors
General Reserve
Capitals:
N
S
G
1,65,000
90,000
2,25,000
3,75,000
4,50,000
Cash
Debtors
Less: Provision
Stock
Machinery
Patents
Building
Profit & Loss Account
1,35,000
15,000
1,20,000

1,20,000
1,50,000
4,50,000
90,000
3,00,000
75,000
13,05,00013,05,000

G retired on the above date and it was agreed that:

(a) Debtors of ₹ 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.

(b) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.

(c) An unrecorded creditor of ₹ 30,000 will be taken into account.

(d) N and S will share the future profits in 2 : 3 ratio.

(e) Goodwill of the firm on G’s retirement was valued at ₹ 90,000.

Pass necessary Journal entries for the above transactions in the books of the firm on G’s retirement.

[Ans.: Loss on Revaluation – ₹ 1,62,450; G’s Loan – ₹ 4,21,275.]

Solution:-

Here is the list of all Solutions of Retirement of Partners of TS Grewal class 12 CBSE 2024-25.

S.NQuestions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NQuestions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
S.NQuestions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NQuestions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NQuestions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
S.NQuestions
51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
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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 for free lectures

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