[ISC] Q. 16 solution of Retirement of Partner TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 16 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?

Sushil, Vikram and Rajat were partners sharing profits in the ratio of 2 : 2 : 1. Vikram retired on 1st April, 2022. 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 Vikram’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 (2022-23)

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39
40	Question – 40

S.N	Solutions
41	Question – 41
42	Question – 42
43	Question – 43
44	Question – 44
45	Question – 45
46	Question – 46
47	Question – 47