[ISC] Q. 17 solution of Retirement of Partner TS Grewal Class 12 (2022-23)

Are you looking for the solution to Question number 17 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?

Amrit, Ajit and Ansh are partners shairng profits and losses in the ratio of 1/2, 1/3 and 1/6 respectively.

The firm’s Balance Sheet as at 31st March, 2022 was as follows:

Liabilities	₹	Assets		₹
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: PDD Stock Motor Vans Plant and Machinery Factory Building	16,000 500	25,00 15,500 25,000 8,000 35,000 45,000
	1,31,000			1,31,000

Ajit retires on 1st April, 2022, 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:-

Working Notes:-

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