[CBSE] Q. 33 Solution of Retirement of Partner TS Grewal Class 12 (2023-24)

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Solution to Question number 33 of the Retirement of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Alfa, Beta and Gama are in partnership sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet on 1st April, 2022, the day Beta decided to retire from firm, was as follows:

LiabilitiesAssets
Alfa’s Capital
Beta’s Capital
Gama’s Capital
General Reserve
Sundry Creditors
3,00,000
2,00,000
2,00,000
1,00,000
1,00,000
Building
Machinery
Investments
Debtors
Stock
Cash at Bank
2,50,000
1,50,000
2,50,000
1,00,000
50,000
1,00,000
9,00,0009,00,000

The terms of retirement were:

(I) Beta takes goodwill from Alfa for ₹ 30,000 and from Gama for ₹ 40,000 for foregoing his share of profits.

(ii) Stock to be appreciated by 20% and building by ₹ 50,000.

(iii) Investments were sold for ₹ 2,70,000.

(iv) Beta is paid by bank draft.

Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

[Ans.: Gain (Profit) on Revaluation – ₹ 80,000; Amount paid to Beta – ₹ 3,24,000; Partner’s Capital Accounts: Alfa – ₹ 3,60,000; Gama – ₹ 1,96,000 Balance Sheet Total – ₹ 6,56,000.]

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
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55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
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Anurag Pathak
Anurag Pathak

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