[ISC] Q. 1 Retirement of Partner TS Grewal Solution Class 12 (2024-25)

Solution to Question number 1 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2024-25 session.

Amit, Basu and Chirag are partners sharing profits in the ratio of 1/2, 3/10 and 1/5. Find new ratio of the remaining partners if: (i) Amit retires, (ii) Basu retires, and (iii) Chirag retires.

Solution:-

When a partner retires and information about the new profit-sharing ratio among the remaining or continuing partners is not given, it is assumed that remaining or continuing partners will share future profits and losses in their old profit-sharing ratio.

The old profit-sharing ratio of Amit, Basu, and Chirag after taking LCM 10 and making base equal is 5:3:2

Calculation of the New Profit-sharing Ratio of the remaining or continuing partners by striking out the share of the outgoing partner. Thus –

i) If Amit Retires, the New profit-sharing ratio between Basu and Chirag is 3:2

ii) If Basu Retires, New Profit Sharing ratio between Amit and Chirag is 5:2

iii) If Chirag Retires, the new profit-sharing ratio between Amit and Basu is 5:3

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2024-25)