[ISC] Q. 19 Retirement of Partner TS Grewal Solution Class 12 (2024-25)
Solution to Question number 19 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2024-25 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 (2024-25)
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 |