[DK Goel] Q. 93, 94 Retirement of Partner Solutions Class 12 CBSE (2026-27)

Here are the solutions of Question number 93 and 94 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)

Q. 93. L, M and O were partners in a firm sharing profits in 1 : 3 : 2 ratio. L retired and the new profit sharing ratio between M and O was 1 : 2. On L’s retirement the goodwill of the firm was valued at ₹ 1,20,000. Pass necessary journal entry for the treatment of goodwill on L’s retirement.

Solution:-

Q. 94. X, Y and Z are in partnership sharing profits in the proportion of 3 : 2 : 1. There is no goodwill A/c in the books of the firm.

As from 1st April, 2023, it was agreed that X should give only part of time, to the business and that in consequence he should received in future only one half of his previous share, the remaining half being divided equally between Y and Z. The goodwill to be valued for this purpose, at ₹ 40,000.

Show the new share of partners and pass necessary journal entry.

[Ans. New profit sharing ratio of X, Y and Z will be 6 : 11 : 7 respectively.

Solution:-