[CBSE] Q. 34 Solution of Retirement of Partner TS Grewal Class 12 (2023-24)

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Solution to Question number 34 of the Retirement of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Kanika, Disha and Kabir were partners sharing profits in the ratio of 2 : 1 : 1. On 31st March, 2016, their Balance Sheet was as under:

LiabilitiesAssets
Trade Creditors
Employee’s Provident Fund
Kanika’s Capital
Disha’s Capital
Kabir’s Capital
53,000
47,000
2,00,000
1,00,000
80,000
Bank
Debtors
Stock
Fixed Assets
Profit & Loss A/c
60,000
60,000
1,00,000
2,40,000
20,000
4,80,0004,80,000

Kanika retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon:

(a) Goodwill of the firm was valued at 2 Year’s purchase of average profits of three completed years preceding the date of retirement. The profits for the year:

2013-14 were ₹ 1,00,000 and for 2014-15 were ₹ 1,30,000.

(b) Fixed Assets were to be increased to ₹ 3,00,000.

(c) Stock was to be valued at 120%.

(d) The amount payable to Kanika was transferred to her Loan Account.

Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the reconstituted firm.

[Ans.: Gain (Profit) on Revaluation – ₹ 80,000; Capital A/cs: Disha – ₹ 80,000; Kabir – ₹ 60,000; Kanika’s Loan – ₹ 3,00,000; Balance Sheet Total – ₹ 5,40,000.]

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
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
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11Question – 11
12Question – 12
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16Question – 16
17Question – 17
18Question – 18
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20Question – 20
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23Question – 23
24Question – 24
25Question – 25
26Question – 26
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31Question – 31
32Question – 32
33Question – 33
34Question – 34
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40Question – 40
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41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
49Question – 49
50Question – 50
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51Question – 51
52Question – 52
53Question – 53
54Question – 54
55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
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Anurag Pathak
Anurag Pathak

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