[CBSE] Q. 35 Solution of Retirement of Partner TS Grewal Class 12 (2023-24)

Solution to Question number 35 of the Retirement of Partner chapter 5 of TS Grewal Book 2023-24 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:

Liabilities	₹	Assets		₹
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
	13,05,000			13,05,000

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 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