[ISC] Q. 17 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 17 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Amrit, Ajit and Ansh are partners sharing profits and losses in the ratio of 1/2, 1/3, and 1/6 respectively. The firm’s Balance Sheet as at 31st March 2023 was as follows:

LiabilitiesAssets
Sundry Creditors
Bills Payable
General Reserve
Capital A/cs:
Amrit
Ajit
Ansh
19,000
5,000
12,000
40,000
30,000
25,000
Cash at Bank
Debtors
Less: Provision for Doubtful Debts
Stock
Motor Vans
Plant and Machinery
Factory Building
16,000
500
2,500
15,500
25,000
8,000
35,000
45,000
1,31,0001,31,000

Ajit retires on 1st April, 2023, subject to the following adjustments:

(i) Goodwill of the firm to be valued at ₹ 18,000.

(ii) Plant and Machinery to be reduced by 10% and Motor Vans by 15%.

(iii) Stock to be appreciated by 20% and Building by 10%.

(iv) Provision for Doubtful Debts to be increased by ₹ 1,950.

(v) That out of the fire insurance premium paid during the year, ₹ 2,500 be carried forward as unexpired.

(vi) that a provision of ₹ 2,500 be made in respect of outstanding bill for repairs.

Prepare Revaluation Account and Ajit’s Capital 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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