[ISC] Q. 18 solution of Retirement of Partner TS Grewal Class 12 (2022-23)

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Are you looking for the solution to Question number 18 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2022-23 session?

Bimal, Brij and Ajay are partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Ajay retires from the firm on 1st April, 2022 and on the date of Ajay’s retirement, following balances existed in the books of the firm:

(i) General Reserve ₹ 60,000; Profit and Loss Account (Dr.) ₹ 30,000;

(ii) Workmen Compensation Reserve ₹ 24,000 against which no liability existed.

(iii) Employee’s Provident Fund ₹ 1,00,000.

Pass necessary Journal entries for the adjustment of these items on Ajay’s retirement.

Solution

Here is the list of all solutions of Retirement of Partners TS grewal ISC class 12 (2022-23)

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