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

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

Question – 43

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.

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