[ISC] Q. 13 Death of Partner Solution TS Grewal Class 12 (2024-25)

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Solution to Question number 13 of the Death of Partner Chapter of TS Grewal Book ISC Board 2024-25 Edition.

Rita Geeta and Ashish were partners sharing profits and losses equally. Their Balance Sheet as at 31st March, 2023 is given below:

LiabilitiesAssets
Capital A/cs:
Rita
Geeta
Ashish
General Reserve
Creditors
50,000
50,000
50,000
15,000
500
Machinery
Furniture
Bills Receivable
Stock
Debtors
Less: PDD
Cash at Bank
45,000
3,000
50,000
28,000
21,000
9,500

42,000
15,000
1,65,5001,65,500

Ashish died on 1st April, 2023 and the following agreement was to be put into effect:

(i) Assets were to be revalued: Machinery to ₹ 56,500; Furniture to ₹ 25,000; Stock to ₹ 7,500.

(ii) Goodwill of the firm was to be valued at two year’s purchase of average profit for the last three years which was ₹ 22,500.

(iii) ₹ 10,000 were to be paid to the executor of the deceased partner on 1st April, 2022.

You are required to prepare:

(a) Revaluation Account, (b) Capital Accounts of the partners, and (c) Balance Sheet of the new firm.

Solution:-

Here is the list of Solutions

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
21Question – 21
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Question – 24
Question – 25
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