[ISC] Q. 16 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 16 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Ram, Laxman and Bharat were partners sharing profits in the ratio of 2 : 2 : 1. Laxman retired on 1st April, 2023. On the date of his retirement some of the assets and liabilities in the books were:

Creditors ₹ 70,000; Building ₹ 1,00,000; Plant and Machinery ₹ 40,000; Stock of raw materials ₹ 20,000; Stock of finished goods ₹ 30,000 and Debtors ₹ 20,000.

Following was agreed among the partners on Laxman’s retirement:

(i) Building to be appreciated by 20%.

(ii) Plant and Machinery to be reduced (depreciated) by 10%.

(iii) Provision of 5% on Debtors to be created for Doubtful Debts

(iv) Stock of raw materials to be valued at ₹ 18,000 and finished goods at ₹ 35,000.

(v) An old computer previously written off was sold for ₹ 2,000.

(vi) An employee who met with accident was paid ₹ 5,000 as compensation.

Pass necessary Journal entries to record the above adjustments and prepare Revaluation Account.

Solution:-

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

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
S.NSolutions
21Question – 21
22Question – 22
23Question – 23
24Question – 24
25Question – 25
26Question – 26
27Question – 27
28Question – 28
29Question – 29
30Question – 30
S.NSolutions
31Question – 31
32Question – 32
33Question – 33
34Question – 34
35Question – 35
36Question – 36
37Question – 37
38Question – 38
39Question – 39
40Question – 40
S.NSolutions
41Question – 41
42Question – 42
43Question – 43
44Question – 44
45Question – 45
46Question – 46
47Question – 47
48Question – 48
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Anurag Pathak

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