[CBSE] Q. 53 solution of Retirement of Partner TS Grewal Class 12 (2026-27)
Solution to Question number 53 of the Retirement of Partner chapter 5 of TS Grewal Book 2026-27 Edition CBSE Board.
Meghna, Mehak and Mandeep were partners in a firm whose Balance Sheet as on 31st March, 2023 was as under:
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 28,000 | Cash | 27,000 |
| General Reserve | 7,500 | Debtors | 20,000 |
| Capitals: Meghna Mehak Mandeep | 20,000 14,500 10,000 | Stock | 28,000 |
| Furniture | 5,000 | ||
| 80,000 | 80,000 |
Mehak retired on this date under following terms:
(i) To reduce stock and furniture by 5% and 1% respectively.
(ii) To provide for doubtful debts at 10% on debtors
(iii) Goodwill was valued at ₹ 12,000.
(iv) Creditors of ₹ 8,000 were settled at ₹ 7,100.
(v) Mehak should be paid off and the entire sum payable to Mehak shall be brought in by Meghna and Mandeep in such a way that their capitals should be in their new profit sharing ratio and a balance of ₹ 25,000 is maintained in the Cash Account.
Prepare Revaluation Account and Partner’s Capital Accounts of the new firm.
[Ans.: Loss on Revaluation – ₹ 3,000; Partner’s Capital Account: Meghna – ₹ 27,050; Mandeep – ₹ 27,050; Cash brought by Meghna – ₹ 7,550; Mandeep – ₹ 17,550; Cash paid to Mehak – ₹ 20,000; Gaining Ratio – 1 : 1.]
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