[ISC] Q. 20 Retirement of Partner TS Grewal Solution Class 12 (2024-25)

Solution to Question number 20 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2024-25 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:

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: 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
	1,31,000			1,31,000

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 (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

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
48	Question – 48
49	Question – 49
50	Question – 50
51	Question – 51
52	Question – 52
53	Question – 53