[CBSE] Q. 35 solution of Retirement of Partner TS Grewal Class 12 (2026-27)
Solution to Question number 35 of the Retirement of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board.
Ashok, Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, and Chaman 1/6 respectively. The Balance sheet of the firm as at 31st March, 2023 was:
| Liabilities | ₹ | Assets | ₹ | |
| Capital A/cs: Ashok Bhaskar Chaman General Reserve Sundry Creditors Loan Payable | 3,00,000 4,00,000 2,50,000 2,20,000 2,50,000 1,50,000 | Building Plant and Machinery Furniture Stock Debtors Less: Provision for Doubtful Debts Cash in Hand Advertisement Suspense Account | 1,80,000 5,000 | 5,00,000 4,00,000 1,00,000 2,50,000 1,75,000 85,000 60,000 |
| 15,70,000 | 15,70,000 |
Chaman retired on 1st April, 2023 subject to the following adjustments:
(a) Goodwill of the firm be valued at ₹ 2,40,000. Chaman’s share of goodwill be adjusted into the Capital Accounts of Ashok and Bhaskar who will share future profits in the ratio of 3 : 2.
(b) Plant and Machinery to be reduced by 10% and Furniture by 5%.
(c) Stock to be increased by 15% and Building by 10%.
(d) Provision for Doubtful Debts to be raised to ₹ 20,000.
Prepare Revaluation Account, Capital Account of Chaman and the Balance Sheet of the firm after Chaman’s retirement.
[Ans.: Gain (Profit) on Revaluation – ₹ 27,500; Chaman’s Loan – ₹ 3,21,250; Partner’s Capital Accounts: Ashok – ₹ 2,98,500; Bhaskar – ₹ 5,17,750; Balance Sheet Total – ₹ 15,37,500.]
Solution:-
