[ISC] Q. 13 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 13 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Sid, Harry and Jiten are partners sharing profits and losses in the ratio of 4 : 3 : 1. Harry retires, selling his share of profit to Sid and Jiten for ₹ 1,20,000. ₹ 70,000 being paid by Sid and ₹ 50,000 by Jiten. Profit for the year after the retirement of Harry is ₹ 64,000. Pass necessary Journal entries for the above transactions and calculate new profit sharing ratio.

Solution:-

Working Notes:-

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2023 – 24)

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