[ISC] Q. 12 Retirement of Partner TS Grewal Solution Class 12 (2026-27)

Solution to Question number 12 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2026-27 session?

Ashish, Naresh and Yogesh were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Yogesh retires and the new profit sharing ratio between Ashish and Naresh was 1 : 2. On Yogesh’s retirement, goodwill of the firm was valued at ₹ 45,000. Pass necessary Journal entries for the treatment of goodwill on Yogesh’s retirement.

Solution:-

Working Notes:-