[ISC] Q. 21 Retirement of Partner TS Grewal Solution Class 12 (2023-24)

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Solution to Question number 21 of the Retirement of Partner Chapter of TS Grewal Book ISC Board 2023 – 24 session?

Varun, Jagdish and Tarun were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1 Balance Sheet of the firm as at 31st March, 2023 was as follows:

LiabilitiesAssets
Sundry Creditors
Bills Payable
Reserve
Capital A/cs:
Varun
Jagdish
Tarun
25,000
12,000
15,000

40,000
40,000
30,000
Cash
Sundry Debtors
Less: PDD
Closing Stock
Furniture
Plant and Machinery
Building
20,000
1,000
3,000

19,000
30,000
10,000
40,000
60,000
1,62,0001,62,000

On 1st April, 2023, Jagdish retired. The terms of retirement were following:

(i) Goodwill of the firm was to be valued at ₹ 20,000.

(ii) Furniture and Plant and Machinery were to be reduced by 10% and 5% respectively.

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

(iv) Provision for Doubtful Debts was to be increased to ₹ 1,500.

(v) Amount due to Jagdish was to be transferred to his Loan Account earning interest @ 10% p.a.

Show Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the firm after Jagdish’s retirement.

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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