[DK Goel] Q. 97, 98 Retirement of Partner Solutions Class 12 CBSE (2026-27)
Here are the solutions of Question number 97 and 98 of Retirement of Partner chapter 5 of DK Goel Class 12 CBSE (2026-27)
Q. 97. Kanika, Disha and Kabir were partners sharing profits in the ratio 2 : 1 : 1. On 31-3-2016, their Balance sheet was as under:
| Liabilities | ₹ | Assets | ₹ |
| Trade Creditors | 53,000 | Bank | 60,000 |
| Employees Provident Fund | 47,000 | Debtors | 60,000 |
| Kanika’s Capital | 2,00,000 | Stock | 1,00,000 |
| Disha’s Capital | 1,00,000 | Fixed Assets | 2,40,000 |
| Kabir’s Capital | 80,000 | Profit & Loss A/c | 20,000 |
| 4,80,000 | 4,80,000 |
Kanika retires on 1-4-2016. For this purpose, the following adjustments were agreed upon:
(a) Goodwill of the firm was valued at 2 year’s purchase of average profits of three completed years preceding the date of retirement. The profits for the year:
2013-14 were ₹ 1,00,000 and for 2014-15 were ₹ 1,30,000.
(b) Fixed Assets were to be increased to ₹ 3,00,000.
(c) Stock was to be valued at 120%.
(d) The amount payable to Kanika was transferred to her loan account.
Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet of the reconstituted firm.
[Ans. Gain on Revaluation ₹ 80,000; Kanika’s Loan A/c ₹ 3,00,000; Capital A/cs Disha ₹ 80,000 and Kabir ₹ 60,000; B/S Total ₹ 5,40,000.]
Hint: Kanika’s share of goodwill ₹ 70,000.
Solution:-
Q. 98. K, L and M were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31.3.2021 the Balance Sheet of the firm was as follows:
| Liabilities | ₹ | Assets | ₹ |
| Creditors | 30,000 | Bank | 20,000 |
| K’s Capital | 40,000 | Debtors Less: Provision for Bad Debts | 14,000 |
| L’s Capital | 36,000 | Building | 1,00,400 |
| M’s Capital | 32,000 | Profit and Loss Account | 3,600 |
| 1,38,000 | 1,38,000 |
L retired from the firm on the following terms:
(I) The new profit sharing ratio between K and M will be 2 : 1.
(ii) Goodwill of the firm is valued at ₹ 72,000.
(iii) Provision for bad debts is to be made at the rate of 10% on debtors.
(iv) Creditors of ₹ 4,000 will not be claimed.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of K and M after L’s retirement.
[Ans. Gain on Revaluation ₹ 4,400; L’s Loan A/c ₹ 57,840; Capitals K ₹ 28,400 and M ₹ 22,560; B/S Total ₹ 1,34,800.]
Solution:-
