[CBSE] Q. 43 Solution of Retirement of Partner TS Grewal Class 12 (2023-24)

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Solution to Question number 43 of the Retirement of Partner chapter 5 of TS Grewal Book 2023-24 Edition CBSE Board?

Harish, Paresh and Mahesh were three partners sharing profits and losses in the ratio of 5 : 4 : 1.

Paresh retired on 31st March, 2022. His capital as on 1st April, 2021, was ₹ 80,000. During the year 2021-22, he withdrew ₹ 5,000. He was to be charged interest of ₹ 100 on drawings.

The Partnership Deed provides that on the retirement of a partner, he will be entitled to:

i) His share of capital.

ii) Interest on capital @ 10% per annum.

iii) His share of profit in the year of retirement.

iv) His share of goodwill of the firm.

v) His share in the profit/loss on revaluation of assets and liabilities.

Additional Information:

a) Paresh’s share in the profit of the firm for the year 2021-22 was ₹ 20,000.

b) Goodwill of the firm was valued at ₹ 24,000.

c) The firm incurred loss of ₹ 12,000 on the revaluation of assets and liabilities.

d) Paresh was to be paid ₹ 7,700 in cash and the balance was to be transferred to his loan account bearing interest @ 6% p.a. Loan was to be repaid in two equal annual installments, the first installment to be paid on 31st March 2023.

You are required to prepare:

(i) Paresh’s Capital Account.

(ii) Paresh’s Loan Account till it is finally closed.

[Ans.: Paresh’s Loan – ₹ 1,00,000]

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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4Question – 4
5Question – 5
6Question – 6
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53Question – 53
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55Question – 55
56Question – 56
57Question – 57
58Question – 58
59Question – 59
60Question – 60
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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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