[ISC] Q. 1 solution of Retirement of Partner TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 1 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?

a) Amit, Basu and Chirag are partners sharing profts 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.

b) Amar, Manish and Hitesh are partners sharing profits in the ratio of 2/5 : 2/5 : 1/5. Find new ratio of the remaining partners if: i) Amar retires, ii) Manish retires; and iii) Hitesh retires.

Solution:-

When a partner retires and information about the new profit sharing ratio among the remainnig 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.

Solution of Part A

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

i) If Amit Retires, 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, New Profit Sharing ratio between Amit and Basu is 5:3

Solution of Part B

The old profit sharing ratio of Amar, Manish and Hitesh is 2:2:1

i) If Amar retires, New Profit sharing Ratio between Manish and Hitesh is 2:1

ii) If Manish retires, New Profit sharing Ratio between Amar and Hites is 2:1

iii) If Hitesh retires, New Profit sharing Ratio between Amar and Manish is 2:2 and becomes 1:1

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